Project Traits
State: Tennessee
Congressional District: TN07
Organization Type: Commercial
Partner Organization(s) Type: None or Unknown
Energy Sector: Transportation,
Energy Subsector: EV Batteries,
Project Start Year: Unknown
Project Launch Year: Unknown
Government Support Received: Unknown
Outcomes & Impacts
Private Investment: $1,600,000,000
Jobs Announced or Created: 860
People Served: Unknown
Projected Economic Impact: Unknown
LG Chem is now talking about investing around 1.6 billion dollars, down from 3.2 billion announced in November 2022. The new plans also set the annual capacity at 60,000 tonnes instead of 120,000. This should still be enough to build batteries for around 600,000 electric vehicles with a 500 km range but not 1.2 million as previously envisioned.
Construction is also slightly behind schedule as it was to start in Q1/2023, with production set for mid-2025. The start of operations is now scheduled for 2026 and produce NCMA (Nickel, Cobalt, Manganese, Aluminum) cathode materials.
The company reportedly signed a long-term supply deal with General Motors last year for 950,000 tons of cathode materials for Ultium Cells, the joint venture between GM and LG Energy Solutions. LG Chem also points to a CAM supply contract worth $2.5 billion with Toyota in October this year.