LG Energy Solution Reconsidering Massive Investment in U.S.

LG Energy Solution is reconsidering its plan to build a new cylindrical battery plant in Arizona of the United States.

The company announced on June 29 that it would rethink about the timing and scale of the investment plan due to worsening economic conditions. It announced in March that it would invest 1.7 trillion won in Queen Creek, Arizona to build the new battery plant with an annual capacity of 11GWh.

LG Energy Solution has purchased a plant site and was scheduled to break ground for the plant in June.

Whether the company will go ahead with the investment as planned or adjust it will be determined within a month or two as it is in talks with its customers, an industry insider said.