LG Energy Solution announced this week that they will invest $1.7 billion and create 1,200 jobs at the company’s current location in Holland to expand investment in EV battery production. LGES’s expansion quintuples the plant’s capacity to produce battery components as Michigan’s stake in the future of electric vehicles grows.
“LG Energy Solution’s $1.7 billion investment in Michigan will… enable us to continue to lead in building and deploying next generation transportation solutions,” said Michigan Governor Gretchen Whitmer. “Thanks to LGES’ continued investment in our state – which spans more than a decade – Michigan’s leadership role in battery manufacturing will only get stronger as the automotive industry moves toward an electric future.”
LG Energy Solution manufactures large lithium-ion polymer battery cells and packs for electric vehicles. The company built its first EV battery plant in the U.S. in Michigan in 2010, and currently has 1,495 employees in Michigan. The Michigan Strategic Fund approved a package of incentives to support the company’s new battery manufacturing facilities. Details available by visiting here.
“LG Energy Solution is at the forefront of green business, promoting sustainability, electrification and innovation. We have already become a contributor to the State of Michigan’s ‘championship economy.’ Michigan was a natural choice to our commitment of building an impactful global business because of its rich pool of talent, being close to the geographic epicenter of the automotive industry and its strong support,” said President of LG Energy Solution Michigan Bonchul Koo. “I am optimistic about realizing LG Energy Solution’s aim to achieve carbon neutral by 2050 and about creating ripple effects of environment conscious business in Michigan and beyond. I look forward to what the future holds.”
The LGES expansion announcement comes two months after GM announced another $7 billion investment in Michigan to help the state retain its leadership into the future of vehicle electrification, which includes up to $2.5 billion to build Ultium Cell LLC’s third U.S. battery cell plant in Lansing and Delta Township, a joint venture between GM and LG. GM acted as a key partner in bringing LG to Michigan in 2010, as the companies have a longstanding partnership. The Holland investment will fall under the LGES entity, which also just completed an IPO in South Korea.
“We are extremely grateful for LG’s long-term partnership and employment in our community. As an international leader in advanced energy storage, LG choosing our region for this transformational expansion is extraordinary,” said Jennifer Owens, Lakeshore Advantage President. “Automotive electrification is the future and to have a global leader in electric vehicle production residing in our community cements West Michigan as a national competitor for future-focused economic prosperity.”