LG Energy Solution's statement on Biden administration's 100-Day Review of strengthening supply chains

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Jun 09, 2021, 10:00 ET

SEOUL, South Korea, June 9, 2021 /PRNewswire/ -- The Biden-Harris administration has recently announced its key findings on the 100-day review of the "America's Supply Chains" Executive Order. In response, LG Energy Solution release the following statement:

We welcome the Biden administration's commitment to pursuing a comprehensive climate agenda, and we are pleased that LG Energy Solution is able to be part of this effort through cutting edge battery technology for electric vehicles (EVs) and Energy Storage System (ESS). We know the importance of carbon dioxide reduction and the need to boost clean energy infrastructure and research and development efforts and secure good-paying, union jobs for American communities.

We believe the latest round of reports, which outline efforts to spur demand for batteries in the transportation sector, boost the supply of responsibly-sourced minerals used in battery production, promote supply chains and invest in the industry while fostering funds for R&D, will help everyone achieve their ambitious climate targets. We are also confident that LG Energy Solution's business model is perfectly aligned with the administration's vision for the future of our growing industry.

LG Energy Solution has been a proud partner to the U.S. auto industry for more than twenty years, and we look forward to continuing to provide a full life-cycle value chain for EVs and ESS. This includes procurement of raw components utilizing our internalized elements like cathode, production of battery cells, reuse and recycle of used batteries, and helping foster local companies within this value chain across America. We look forward to expanding our research and development in advanced batteries and to remaining fully committed to building industry-leading EV battery ecosystems in the U.S. LG Energy Solution aims to secure its leading role as a strong, essential partner in the EV battery market and contribute to the success of American workers and its economy. Again, LG Energy Solution shares the Biden-Harris administration's vision for strengthening the supply chain of advanced batteries, and we are certain these efforts will be realized soon.

About LG Energy Solution

LG Energy Solution established its first U.S. research facility in 2000 and has invested $600 million to secure production capacity of 5GWh at its first Michigan plant built in 2012. The company recently announced that it will invest more than $4.5 billion in the company's own U.S. business by 2025 to further its battery production capacity, capable of annually producing 70GWh.

Together with General Motors (GM), LG Energy Solution formed a joint venture, Ultium Cells LLC in 2019 to build two battery manufacturing plants in Ohio and in Tennessee. The production plants investment is more than $4.6 billion, and are expected to create 70GWh by 2025.

Ultimately the annual production capacity of LG Energy Solution in the U.S. alone will reach a total of 145 GWh. LG Energy Solution will continue to make significant additional investments in the U.S. as the EV market grows.

SOURCE LG Energy Solution