LS Group will focus on strengthening its global competitiveness in secondary batteries through a Korean battery alliance. It has set a goal to produce 120,000 tons of precursors, a core material for secondary batteries, annually from 2029.
According to LS Group on Aug. 29, Koo announced the group’s vision for the secondary battery business at the Gunsan Saemangeum Convention Center (GSCO) in Gunsan, North Jeolla Province, where he signed an investment agreement with the Saemangeum Development and Investment Agency, North Jeolla Province, Gunsan City, and the Korea Rural Development Corporation to build a manufacturing facility for secondary battery materials.
At the event, LS Group announced that it will break ground on a cathode material precursor manufacturing plant in Saemangeum Industrial Complex 5 (338,000㎡) within the year and hire more than 1,400 new employees, with its joint venture LS-L&F Battery Solution taking the lead.
Based in the Saemangeum Industrial Complex, the joint venture plans to break ground for a precursor plant for secondary batteries within this year and start volume production around 2025, with a goal of producing 120,000 tons in 2029 through expansion. The total business volume is expected to reach more than 1 trillion won.