On March 28th (local time), LG Chem announced its participation in the 'Tennessee Manufacturing Forum' in Nashville, Tennessee, to discuss support and cooperation strategies for the advancement of high-tech industries in the United States.
Hosted by the Tennessee Chamber of Commerce, this forum gathered stakeholders from businesses, government, and academia to engage in in-depth discussions on policies for the revitalization of manufacturing in Tennessee and the role of the government.
Joonju Ko, an executive vice president from LG Chem, was the sole representative from a South Korean company on the panel. He collaborated with key figures, including Ellen Boren, Deputy Commissioner of the Tennessee Department of Economic and Community Development, and representatives from the American Chemistry Council and Tennessee State University, to address the development of advanced industries and the strengthening of the supply chain in the U.S.
During the forum, Ko emphasized that LG Chem's cathode material plant in Clarksville, Tennessee, is pivotal for localizing the supply chain for electric vehicle battery materials in the U.S. and expanding market share.
According to an S&P study, while the U.S. produces 75% of its electric vehicle battery production capacity domestically, the localization rate for battery materials like cathode or precursor materials remains low.
LG Chem is currently constructing a cathode material plant on a 1.7 million square meter site in Tennessee, with an initial investment of approximately 2 trillion won. Once completed, it is set to become the largest cathode production facility in the U.S. by 2026, with an annual capacity sufficient for 600,000 high-performance pure electric vehicles.
“Federal subsidies and policy support are essential to strengthen the supply chain of advanced industries like battery materials in the U.S.,” said President Ko. “with Tennessee’s rich manufacturing infrastructure and government support, LG Chem’s innovative activities will accelerate.”
“This forum is a crucial venue for industry leaders to discuss growth strategies for American manufacturing," said Josh Brown, President of the Tennessee Chamber of Commerce. "We hope real policies will emerge that will enable the manufacturing industry to thrive amid new challenges.”
