South Korea's LG Energy Solution Ltd (LGES) said on Friday it would resume a stalled U.S. battery project with a $5.6 billion investment in Arizona to qualify for federal incentives rolled out under the Inflation Reduction Act (IRA).
"The company’s decision to increase investment ...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," LGES said in a statement.
Out of the 7.2 trillion won investment, 4.2 trillion won will be spent building the cylindrical battery facility with a capacity of 27 gigawatt hours , and the rest for the LFP pouch-type battery facility with a capacity of 16 GWh. Both facilities will break ground this year.
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