LG Chem plans to buy about 1.1 million common shares of Piedmont on Feb. 23, according to a regulatory filing last week. The latter shares are listed on Nasdaq and the Australian Securities Exchange.

Under a separate offtake agreement between the two parties, Piedmont will supply 200,000 tonnes of spodumene concentrate to LG Chem over the next four years. This is a high-purity lithium ore.

Shin Hak-cheol, vice chairman and CEO of LG Chem, said: “This agreement enables LG Chem to source raw materials in the United States, its major market, and provide North American customers with products that meet IRA standards, thereby providing them with differentiated value.”

In addition, LG Chem plans to invest $3 billion to build a factory in Clarksville, Tennessee, USA, to supply battery materials for electric vehicles. LG Chem is the parent company of South Korean EV battery maker LG Energy Solutions Co., Ltd.

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LG Chem announced on its official website that they have signed a memorandum of understanding with the state of Tennessee to invest more than $3 billion in building a cathode material factory for electric vehicle batteries.

Judging from the news announced by LG Chem on its official website, their planned factory will be built in Clarksville, Tennessee, covering an area of ​​420 acres, or about 2549.5 acres. After completion, it will be the largest cathode material factory in the United States.

The cathode material factory announced by LG Chem will start related construction in the first quarter of next year, and plans to start mass production in the second half of 2025.

LG Chem’s Tennessee cathode material factory, which is expensive and covers a large area, has a considerable planned production capacity. Their goal is to reach an annual production capacity of 120,000 tons by 2027, and the batteries produced can be assembled with a 1.2 million battery life. 500 km electric car.

LG Chem also disclosed on its official website that the factory built in Clarksville, Tennessee, is a key part of the expansion of its battery materials business to meet the growing demand for electric vehicle batteries. They expect the market for battery materials, including cathode materials, to The scale will reach 20 trillion won in 2027, four times the 5 trillion won this year.

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The material CAM is a major component used in the manufacturing of an EV battery. This partnership will run until 2030 and supplies have already begun. Nickel, Cobalt, Manganese, and Aluminium are among the materials that LG Chem will supply GM.

Read also: Chevrolet Equinox electric SUV will be available in late 2023.

These materials will help GM in the overall manufacturing of EVs to feed the market’s growing demand. Over the span of the partnership between LG Chem and GM, approximately 5 million units of EVs will enter production. GM will handle every manufacturing process of the cars except battery production, which Ultium Cells LLC will handle. 

In this partnership, GM is relying on LG’s expertise in the mass production of CAM. This expertise will change a few things we knew about GM batteries before now. The presence of Cobalt in General Motors batteries will reduce by 70% and LG Chem will replace it with Aluminium. 

This partnership is a win for both parties over the period it will last. LG will grow its dominance in the EV battery market, and GM on its part will grow its production of electric vehicles. The next generation of General Motors EVs will make use of batteries from its partnership with LG Chem.

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