LG Energy Solution (LGES) said on March 24 that it would proceed with its plan to build a battery manufacturing complex in Arizona, investing 7.2 trillion won ($5.52 billion) to meet the increasing demand for batteries.
LGES, one of the world’s largest battery makers, previously said it reviewed the project due to the “unprecedented economic conditions and investment circumstances in the United States.”
In a statement on Friday, the Seoul-based company said it has decided to move forward with the battery project in Arizona in response to the market demand for batteries.
“With the implementation of the U.S. Inflation Reduction Act (IRA), customer requests for stable supply of high-quality and high-performance batteries have increased significantly in North America,” it stated….