LG Chem plans to invest 6 trillion South Korean won ($5.3 billion) in battery materials by 2025, including efforts in anode materials, separation membranes, cathode binders, radiant adhesives and carbon nanotubes.
LG Chem’s goal is to grow into the world’s largest comprehensive battery materials company, and to become the world’s number-one supplier of anodes. A vast range of projects, including new plants, new alliances with other companies, and expanded R&D efforts, are on the table.
“Over 30 projects including [mergers and acquisitions], joint ventures, strategic investments, etc. to make a paradigm shift to an [Environmental, Social, and Corporate Governance]-based business portfolio are being reviewed,” said LG Chem CEO Hak Cheol Shin. “This will be the most revolutionary change since the establishment of the company that will upgrade the value and sustainability of LG Chem, and tangible achievements will become available from the second half of this year.”
Construction of LG’s new Gumi Plant, which will have an annual capacity of 60,000 tons of anodes, will begin in December. The company’s anode production capacity will increase almost sevenfold, from 40,000 tons in 2020 to 260,000 tons by 2026.
LG Chem will cooperate in various ways with companies possessing mining, smelting and refining technologies, in order to further secure its sources of metals. A joint venture is being prepared with an unnamed mining company for the stable supply of raw materials for anodes.