Lotte’s Chemical Affiliates Set up Cathode Foil Joint Venture in the U.S.

Lotte Chemical and Lotte Aluminum announced on July 27 that they have jointly established Lotte Aluminum Materials USA near Elizabethtown, Kentucky in the United States to produce cathode foil for electric vehicle batteries.

The two companies will invest about 330 billion won in the joint venture through their wholly owned U.S. subsidiaries -- Lotte Battery Materials USA of Lotte Chemical and Lotte Aluminum USA of Lotte Aluminum. They will invest in 70:30 ratio. 

Lotte Aluminum Materials USA plans to help Korean battery companies enter the U.S. market by supplying high-quality battery materials stably and promptly to them.