The construction of a major battery manufacturing complex in Arizona, announced by LG Energy Solution (KRX: 373220) last year, is on track to be completed in two years with the first round of hiring expected to begin at the end of this year. The company provided progress updates on its USD 5.5 billion (KRW 7.2 trillion) stand-alone facility during a stakeholder meeting on April 3 at Combs High School in San Tan Valley near the town of Queen Creek where the complex is located.
LG Energy Solution and Honda Motor Co., Ltd. announced in August, 2022, an agreement to establish a joint venture (JV) company to produce lithium-ion batteries in the U.S. to power Honda and Acura EV models for the North American market. The JV battery company was then formally established on January 13, 2023, with plans for production to begin by the end of 2025.
Hyundai Motor Group and LG Energy Solution announced the upcoming construction of a $4.3 billion electric battery plant that will be part of the South Korean firm's new electric vehicle assembly plant in southeastern Georgia.
The Taylor site is a $17 billion investment, part of more than $47 billion the company has invested in the U.S. since arriving here in 1978. Over the planned project duration, the company could potentially build multiple labs here as a secondary cluster to their Austin site. Construction was going on in parallel on an array of supporting buildings for chemical and gas supplies, a utility building, an office building, the manufacturing facility, and a parking garage. In addition, there is also a massive “back house” infrastructure going in, including bulk gas facilities, a water reclamation facility, and an electrical substation.
To celebrate the one-year anniversary of the groundbreaking, the Korean automaker offered the media and local officials a glimpse of construction progress on what it calls a “Metaplant.” The event included the unveiling of renderings of its EV factory, which is envisioned as something more akin to a Silicon Valley tech company campus than to the bleak industrial sites of other factories.
The project is expected to bring 3,000 new jobs to southeast Georgia by the end of 2025. It is the second battery manufacturing plant that Hyundai is developing in the state, which has used incentives in the Inflation Reduction Act to open new facilities. Hyundai announced in December that it had teamed up with SK On, a South Korean electric vehicle battery developer, to build a plant in Kingston Georgia.
SK hynix is considering whether to build an advanced packaging facility in Indiana, reports the Wall Street Journal. If the company proceeds with the plan, it intends to invest $4 billion in it and construct one of the world's largest advanced packaging facilities. But to accomplish the project, SK hynix expects it will need help from the U.S. government.
Electrical, Communications, Electronic Safety & Security.
Electrical, Communications, Electronic Safety & Security.
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