LG Chem, a South Korean company invests $3 billion in Montgomery County

The Allensworth property indicated in this aerial view is shown just east of the companies existing business park.
  • LG Chem is a South Korean company.
  • The company plans to invest $3 billion in Montgomery County.
  • Tennessee Governor Bill Lee called it “the largest foreign direct investment” in the state’s history.

A South Korean company is heading into Montgomery County in what Tennessee Gov. Bill Lee called Monday The largest foreign direct investment in the history of the country.

Tennessee and LG Chem announced plans to develop a cathode materials plant for electric vehicle batteries, which Lee said would create about 1,000 jobs for the region with a $3.2 billion investment.

“What we announce today will change Tennessean lives,” he told me.

Hak Cheol Shin, CEO of LG Chem, said construction on the plant is scheduled to begin in the first quarter of 2023, and mass production is scheduled to begin in late 2025. The plant is expected to produce 120,000 tons of materials. cathode battery per year once fully operational which is enough to power the batteries in 1.2 million electric vehicles.

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