LG Energy Solution lays out new funding plan for Michigan plant

LG Energy Solution lays out new funding plan for Michigan plant
An interior view of LG Energy Solution’s Michigan plant (LG Energy Solution)LG Energy Solution, the batteries unit of LG Group, has laid out a new $1.36 billion funding plan to drastically ramp up the capacity of its plant in the US state of Michigan in the next three years.

In a regulatory filing Friday, parent company LG Chem said LG Energy Solution’s Michigan arm will raise $681 million in fresh capital without rights to add new production facilities to the Michigan plant, while securing the remaining $681 million from local borrowing.

The new funding aims to cope with growing demand in the North American market for batteries used in electric vehicles and for energy storage systems, the filing showed.

With the planned investment, the plant’s production capacity is expected to surge from the current 5 gigawatt-hours to 40 gigawatt-hours by 2024.

The new funding scheme is the latest step in the battery maker’s renewed push to secure a firm footing in the burgeoning US market for electric vehicle batteries and energy storage systems.

In March, the firm pledged to spend a combined 5 trillion won ($4.2 billion) by 2025 to elevate its battery production capacity in the US to reach an annual rate of 70 gigawatt-hours.

LG Energy Solution has also sought to beef up its partnership with global carmakers and has expanded its production base in the lucrative US market.

The firm in October teamed up with the Netherlands-based Stellantis, which owns the Chrysler brand in the US, to build a new battery plant with annual production capacity of 40 gigawatt-hours, aiming to start production in the first quarter of 2024. The location for the new facility is currently under review.

Also in April, LG Energy Solution and General Motors announced they will jointly invest $2.3 billion to build a second battery production line in Spring Hill, Tennessee, by 2023. The two companies in 2019 created the joint venture Ultium Cells, with its first battery factory in Ohio in another $2.3 billion project. Both facilities under construction will be capable of 35 gigawatt-hours of annual production.

Meanwhile, LG Energy Solution’s imminent initial public offering is expected to give the battery maker a big boost. The company filed for the IPO in June with the Korea Exchange, the main stock bourse operator here, and is awaiting approval for the listing.

LG Energy Solution is a wholly owned arm of LG Chem. The company was founded as a result of a split-off from LG’s chemicals arm in December 2020.

By Son Ji-hyoung (consnow@heraldcorp.com)

News Related

OTHER NEWS

Intel's $20 billion Ohio factory could become world's largest chip plant

Intel Corp said on Friday it would invest up to $100 billion to build potentially the world’s largest chip-making complex in Ohio, looking to boost capacity as a global shortage ... Read more »

Two security team leaders leaving company, says Twitter

Twitter Inc said on Friday its head of security is no longer at the company and its chief information security officer will depart in the coming weeks. The shakeup comes ... Read more »

Beijing lectures Alibaba, Tencent, other Big Tech firms on gig workers' rights despite progress from last year

Beijing has told 11 internet platforms including Alibaba Group Holding and Tencent Holdings to better protect gig workers’ rights as the government continues its scrutiny of Big Tech firms in ... Read more »

Tesla may be working on headphones, speakers and more

Apart from cars, Tesla has sold limited-edition products that have included tequila, t-shirts, shorts and a few other items. However, it looks like the Elon Musk-led company could be working ... Read more »

Google says lawsuit against it 'misses the law and the facts'

WASHINGTON: Alphabet Inc’s Google asked a federal judge on Friday to dismiss the majority of an antitrust lawsuit filed by Texas and other states that accused the search giant of ... Read more »

How a 23-year-old Hongkonger is bringing NFTs to physical fashion to woo Millennial and Gen Z gamers

Nick Lau, a 23-year-old Hongkonger, grew up finding himself on the periphery of his immediate social circles – at Harrow, a traditional English boarding school, he took photography classes and ... Read more »

3 Alternatives to Consider When NFTs Become the Norm

NFTs can be used as security tokens, smart contracts, collectibles or even as a means to represent debt or equity in a company. With the surge of interest in NFTs, many ... Read more »

Bautista-Agut vs Fritz live stream: how to watch Australian Open tennis 2022 online

Big names have been falling at an alarming rate this week, and another will bite the dust as No.20 seed Taylor Fritz, the US’ best remaining hope in Melbourne, faces ... Read more »

Two-thirds of anti-vax propaganda online created by just 12 influencers, research finds

Jokes on Instagram and Tik Tok continue to affect young people, experts say - while warning over the dangers of labelling as anti-vaxxers those who are vaccine hesitant. Read more »

Google Docs update makes formatting on mobile easier at last

Google is working on a new update for its office software that will make formatting documents in Google Docs even easier on mobile. Last year the search giant added the ... Read more »

M&Ms characters evolving to be more inclusive: Green is 'much more than her boots'

The new M&Ms characters have received a fresh look for 2022. (Photo: Mars Wrigley) The shift in Hollywood and the world in general over the last few years toward more ... Read more »

BBQ's ESG issues feared to hamper overseas expansion

Genesis BBQ Chairman Yoon Hong-geun gives a speech during the company’s 25th anniversary, at one of his company buildings in Seoul, on Sept. 1, 2020. Courtesy of Genesis BBQ By ... Read more »

Microsoft Teams will soon push one of the worst Windows 11 features down your throat

Although Cortana may be dead on mobile, Microsoft’s digital assistant is alive and well on Windows 11 and will soon be making an appearance in Microsoft Teams. While Cortana was ... Read more »

This is what happens when you Google 'Wordle'

It seems Google is a big fan of Wordle, too. The viral word game has earned its first Easter egg in Google search. When you look up Wordle, the top ... Read more »

Michael Gove's ‘warehouse tax' on online giants is blocked by Treasury

An Amazon warehouse in Hemel Hempstead. Michael Gove was looking to increase taxes on similar sites, but was reportedly blocked by Rishi Sunak A tax increase on warehouses used by ... Read more »

Macy's is running a huge winter sale—save up to 60% on everything you need for the season

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Winter blues got you down? Sometimes the best cure-all to cold-weather ... Read more »

American Airlines suing The Points Guy over app that syncs frequent flyer data

© Photo by Nicolas Economou/NurPhoto via Getty Images American Airlines is suing The Points Guy American Airlines has filed a lawsuit against travel tips site The Points Guy, claiming the ... Read more »

Prince Andrew's former maid claims he kept Duchess of York's wedding dress in Buckingham Palace wardrobe after they split

Prince Andrew kept Sarah Ferguson‘s wedding dress in his wardrobe and her make-up on a bedside table after they split, his former maid has claimed. Read more »

How to watch RuPaul's Drag Race season 14 episode 3 online from anywhere

Over the last two weeks we’ve met every fierce season 14 queen, each of whom put the ‘U’ into their CNT talent show performances. Now they’re tasked with creating a ... Read more »

Brian Laundrie admits killing Gabby Petito in ‘suicide note' found near his remains

Gabby Petito and Brian Laundrie (Instagram/GabsPetito) Brian Laundrie claimed responsibility for the murder of Gabby Petito’s death in a “suicide note” found near his remains, the FBI have revealed. It ... Read more »

The royal scandal that caused Sarah Ferguson's mid-air 'meltdown'

Sarah Ferguson, Duchess of York faced two photo scandals during her marriage to Prince Andrew. (Image via Getty Images) The early '90s were a difficult time for the Royal Family— ... Read more »

Hubble telescope spots a black hole fostering baby stars in a dwarf galaxy

© Provided by Space A Hubble Space Telescope image of the dwarf starburst galaxy Henize 2-10, shown in visible light. Black holes can not only rip stars apart, but they ... Read more »

How fast is Earth moving?

© Provided by Space A new time-lapse video of Earth combines 3,000 images from the DSCOVR satellite’s EPIC camera to show a year of Earth’s rotation, as seen from a ... Read more »

Here's what you need to make TikTok's viral green goddess salad

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. If you’re on #foodtok, odds are you’ve run into the latest ... Read more »

Good news for gamers, the upcoming RTX 3050 card looks terrible for Ethereum mining

Recently leaked Ethereum mining performance from China spells out some promising news for gamers looking to net the upcoming Nvidia GeForce RTX 3050 graphics card. It seems that the card ... Read more »

Mars Ingenuity becomes first aircraft ever grounded on another planet due to weather

We’ve all been there, but until this month, we’ve never had a flight delayed due to inclement weather on another planet. NASA’s Mars Ingenuity helicopter, slated for flight 19 on ... Read more »

Incredible moment when dog chooses woman at the shelter

While this woman was looking for a dog to adopt at the shelter, this dog found her and looks like they are destined to be! Wow, what an amazing moment! ... Read more »

Boris Johnson's chief of staff cancels meeting amid rumours he faces the sack

Dan Rosenfield, Boris Johnson’s chief of staff – Tayfun Salci/ZUMA Press Wire/Shutterstock Boris Johnson’s chief of staff unexpectedly cancelled a regular meeting with advisers on Friday, sparking speculation that Number ... Read more »

Why did TikTok care about West Elm Caleb? What the story says about lovebombing and internet fame

A 25-year-old New Yorker who works as a designer a home decor company went viral on TikTok for dating scores of women in the nation’s largest city. Women said the ... Read more »

Ozzy Osbourne’s NFT project shared a scam link, and followers lost thousands of dollars

© Illustration by Alex Castro / The Verge When a pop-cultural icon like Ozzy Osbourne announces an NFT collection, you can count on the project getting publicity. The launch of ... Read more »

US, Colorado reach proposed settlement in 2015 mine spill

The Associated PressFILE – Wastewater flows through a series of retention ponds built to contain and filter out heavy metals and chemicals from the Gold King Mine in Silverton, Colo,. ... Read more »

Boris Johnson faces threat of legal action over blackmail claims

Boris Johnson is facing the threat of legal action over the alleged intimidation of Tory MPs who are demanding his head over the Partygate scandal. Lawyers from the Good Law ... Read more »

4 threats posed by Elon Musk's Starlink satellites

Elon Musk’s Starlink is a divisive project. The satellite internet constellation aims to provide low-cost internet to remote locations, but it’s producing some alarming side effects. Here are the biggest ... Read more »

Organized on Facebook, a ‘who's who' of  anti-vaccine activists head to D.C.

The event adds momentum to activists who continue to find ways to spread false and misleading claims about Covid vaccines, now often focusing on mandates as an entry point. Read more »

25 heart-meltingly adorable Valentine's Day outfits for kids

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. It’s that time of the year when love takes center stage. ... Read more »

Shop the best early Presidents' Day mattress deals from Saatva, Casper, Leesa and more

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Whether you’re setting up a new bedroom, upgrading to a larger ... Read more »

Giovanni Pernice kisses Strictly partner Rose Ayling-Ellis in must-see video

Strictly Come Dancing stars Rose Ayling-Ellis and Giovanni Pernice are continuing with their winning streak after they were crowned the winners on the first night of the live tour. MORE: ... Read more »

Presidents' Day 2022 deals are finally here—shop sales on mattresses, TVs and more

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. What better way to celebrate Presidents’ Day 2022 than with a ... Read more »

Researchers detect 1st merger between black holes with eccentric orbits

© Provided by Space An artist’s depiction of two black holes spiraling towards each other, about to collide. Scientists have for the first time confirmed the merger of two highly ... Read more »

Light sensors on wearables struggle with dark skin and obesity

© Photo by Amelia Holowaty Krales / The Verge Apple Watch Light sensors used to track heart rate in wearable devices like the Apple Watch Series 5 and the Fitbit ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic