LG Energy Solution and General Motors Invest USD 2.3 Billion in 2nd Ultium Cells Manufacturing Plant within U.S. | LG Energy Solution and General Motors Invest USD 2.3 Billion in 2nd Ultium Cells Manufacturing Plant within U.S.Financial Buzz

LG Energy Solution and General Motors Invest USD 2.3 Billion in 2nd Ultium Cells Manufacturing Plant within U.S.

A joint venture between LG Energy Solution and General Motors Co. (NYSE: GM), or Ultium Cells LLC has announced over USD 2.3 Billion investment to fuel its secondary battery cell manufacturing plant in the United States.  Located in Spring Hill, Tennessee, Ultium Cells plans to build the plant on land leased from GM.  The battery cell plant will create 1,300 new jobs.  There will be a 2.8 million square foot facility, construction to begin immediately as the plant is scheduled to open in late 2023.  The facility will supply battery cells to GM’s Spring Hill assembly plant.  “The addition of our second all-new Ultium battery cell plant in the U.S. with our joint venture partner LG Energy Solution is another major step in our transition to an all-electric future,” said GM Chairman and CEO Mary Barra. “The support of the state of Tennessee was an important factor in making this investment in Spring Hill possible and this type of support will be critical moving forward as we continue to take steps to transition our manufacturing footprint to support EV production.”

“This partnership with General Motors will transform Tennessee into another key location for electric vehicle and battery production. It will allow us to build solid and stable U.S-based supply chains that enable everything from research, product development and production to the procurement of raw components,” LG Energy Solution President and CEO Jonghyun Kim said. “Importantly, I truly believe this coming together transcends a partnership as it marks a defining moment that will reduce emissions and help to accelerate the adoption of EVs.”

Ultium batteries are unique because of its large-format pouch style cells that may be stacked vertically or horizontally inside the battery pack.  This provides engineers an option to optimize battery energy storage and layout for each vehicle design. 

Opt-into our eNewsletter NOW! For the Latest Trending Financial News Topics in Cannabis, Tech, Biotechs, Precious Metals, Energy, Renewable Energy and much more!