LG Energy Solution announces investment for a battery manufacturing plant
LG Energy Solution announced it will invest a total of $5.5 billion to build a battery manufacturing complex in Queen Creek. The investment represents the largest single investment ever for a stand-alone battery manufacturing facility in North America. The batteries will power electric vehicles and energy storage systems and embody the next-generation technology being manufactured in Arizona that’s driving the transition to clean energy.
In addition to EV automakers, Arizona boasts a growing battery ecosystem, with manufacturers (KORE Power, American Battery Factory, Sion Power) and battery recyclers (Li-Cycle, Ecobat, Cirba Solutions) as well as innovators in biodegradable materials, solar module manufacturing, freshwater science, and more.
Daniel Seiden the President and CEO from the Arizona Chamber of Commerce and Industry joins Ted to discuss.
“What they’re investing in here, as you mentioned, is a battery manufacturing facility that will service the electric vehicles that we’re manufacturing in Arizona,” said Seiden. “As well as, this is part of the expansion, a battery energy storage facility.”
The company is partnering with Pinnacle West and SRP for make energy storage more sustainable.
LG Energy Solution started plans to expand in Arizona last year. However, they recently increased their budget to increase this project. As Seiden pointed out, this is largely due to Arizona’s rich talent pool of potential hires.
A similar situation happened with the recent microchip facility by Taiwan Semiconductor Manufacturing Company Limited (TSMC).
“TSMC was originally 12 billion, went all the way up to 40 billion, one of the largest foreign directed investments in state’s, in nation’s history,” said Seiden.