According to the South Korean media, LG Chem just received another huge loan for its lithium-ion battery gigafactory in Poland.
Three banks - Korea Development Bank (KDB), Export-Import Bank of Korea (Korea Eximbank) and Nonghyup Bank - reportedly offered some €550 million for the project, which in total will cost €1.5 billion ($1.65 billion).
In March, we reported that LG Chem secured a €480 million ($527 million) loan agreement with the European Investment Bank (EIB) for 35 GWh out of 65 GWh total. A few weeks earlier, the company also acquired a nearby Turkish television assembly plant for about $31.4 million with an intention to re-purpose it for battery production.
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In the near future, LG Chem is expected to increase its lithium-ion cell capacity beyond 100 GWh annually.
LG Chem plants:
- South Korea
- China: two plants in Nanjing (2nd plant output is 6 GWh initially and to be 32 GWh by 2023)
- China: a 50/50 joint venture with Geely Auto (expected 10 GWh annually from 2021)
- Poland, Europe (€1.5 billion project, planned for 65 GWh annually)
- U.S.: Michigan
- U.S: 2nd plant in the U.S. announced (50/50 JV with GM in the Lordstown area of Northeast Ohio, more than 30 GWh annually)
Sources: en.yna.co.kr, koreaittimes.com, businesskorea.co.kr, Electrive