LGES Battery Plant In Arizona Gets A Revision: It Will Be Much Bigger via insideevs.com
Initially, LG Energy Solution intended to produce in Queen Creek, Arizona, cylindrical lithium-ion batteries - 11 gigawatt-hours per year - starting in 2024. At the time, the investment was estimated at $1.3 billion .According to LGES, the project will not only be resumed, but also expanded because after the introduction of the Inflation Reduction Act of 2022 , demand for locally manufactured batteries for EVs is increasing.
"The company's decision to increase investment in cylindrical EV battery production in North America comes from rising demand from EV makers for locally manufactured high-quality, high-performance batteries in an effort to satisfy the Inflation Reduction Act 's EV tax credits." LG Energy Solution will invest several times more - about $5.
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