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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] LG Energy Solution announced that it will invest approximately 2 trillion won to begin operating an LFP (Lithium Iron Phosphate) Energy Storage System (ESS) production facility in the United States by the end of this year.
On the 18th, the company disclosed that it had provided a debt guarantee worth 2.0319 trillion won to support the ESS production facility investment at its plant in Holland, Michigan. The guarantee involves the headquarters backing funds raised externally by its U.S. subsidiary.
The Holland plant was originally established as an electric vehicle battery production base. However, LG Energy Solution has decided to install an ESS production line on a site that had been prepared for plant expansion. This marks the company’s first ESS production facility in the United States.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
