Seoul: LG Chem Ltd., South Korea's leading chemical company, has announced a significant electric vehicle (EV) battery cathode material supply contract from the United States. The agreement is valued at 3.76 trillion won, equivalent to US$2.57 billion, and spans from Saturday until July 31, 2029, as stated in a regulatory filing by the company.
According to Bahrain News Agency, the identity of the buyer has not been disclosed due to confidentiality agreements. This contract is one of the largest for LG Chem, even amidst a temporary slowdown in global EV demand, reported the South Korean News Agency, Yonhap.
LG Chem's current annual cathode production capacity stands at 150,000 tons, with operations across South Korea, China, and other locations. The company is also expanding its production capabilities with a new 60,000-ton capacity facility under construction in the state of Tennessee, USA.