LGCLF - LG Chem plans nearly $9B boost to battery business

LG Chem (LGCLF) pledges to spend 10T won ($8.7B) through 2025 on sustainable businesses including its battery materials operations, joining other major South Korean companies in a shift toward greener practices.The company says it will invest 6T won to expand production lines of its battery materials, including cathode and separators, and 3T won to produce eco-friendly petrochemical products."This is by far the most innovative change the company is making since its establishment," CEO Shin Hak Cheol says, adding that LG should see tangible results starting at this year's H2.LG Chem says it will start building a cathode materials production facility in December with an annual capacity of 60K tons, and expects its cathode output capacity to rise to 260K tons in 2026 from 40K tons in 2020.The company predicts the battery materials market will grow to ~100T won in 2026 from 39T currently.

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LG Chem plans nearly $9B boost to battery business