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production","lg-chem-tennessee-cathode-plant-could-double-north-american-production","article/lg-chem-tennessee-cathode-plant-could-double-north-american-production",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":713,"featured":51,"reporter":714,"_editable":718,"component":719,"seo_title":543,"categories":720,"visibility":726,"author_company":49,"featured_image":727,"seo_description":713,"author_full_name":49,"author_job_title":49,"formattedDate":731,"formattedArticleDate":732},"194f96f0-a07c-458d-a48c-32c965c50f2e","2022-11-24 00:00",[550,553,556],{"slug":551,"name":552},"data-visualisation","Data Visualisation",{"slug":554,"name":555},"lg-chem","LG Chem",{"slug":557,"name":558},"usa","USA",[560],{"slug":561,"name":562,"content":563},"didi-bostock","Didi Bostock",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Editor - Energy Transition & Economics",{"filename":566},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":570,"content":571},"doc",[572,579,584,607,620,625,634,639,644,651,658,663,668,675,680,685,690,703,708],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576],{"text":577,"type":578},"LG Chem’s decision to build a $3.2 billion battery cathode facility in Tennessee could more than double North American cathode production in five years, highlighting the scale of new investments in the US following the passing of landmark climate legislation this summer. ","text",{"type":573,"attrs":580,"content":581},{"textAlign":49},[582],{"text":583,"type":578},"The South Korean company said the 120,000 tonnes per year plant is scheduled for completion in 2027, enough for 1.2 million electric vehicles. Benchmark currently forecasts North American cathode production in that year to potentially be just under 100,000 tonnes.",{"type":573,"attrs":585,"content":586},{"textAlign":49},[587,589,597,599,605],{"text":588,"type":578},"The announcement comes following the provision of generous tax incentives for US producers of ",{"text":590,"type":578,"marks":591},"battery materials such as cathodes",[592],{"type":593,"attrs":594},"link",{"href":595,"uuid":49,"anchor":49,"target":49,"linktype":596},"https://source.benchmarkminerals.com/article/can-the-us-meet-the-critical-mineral-requirements-of-the-climate-bill","url",{"text":598,"type":578}," in the ",{"text":600,"type":578,"marks":601},"Inflation Reduction Act",[602],{"type":593,"attrs":603},{"href":604,"uuid":49,"anchor":49,"target":49,"linktype":596},"https://source.benchmarkminerals.com/article/what-does-the-us-inflation-reduction-act-mean-for-the-ev-battery-supply-chain",{"text":606,"type":578},", which was passed in August. The bill provides tax credits of up to 10% of production costs a year for cathode producers.",{"type":573,"attrs":608,"content":609},{"textAlign":49},[610,612,618],{"text":611,"type":578},"That’s helped accelerate the development of the US battery supply chain, with the US overtaking Europe ",{"text":613,"type":578,"marks":614},"in the second half of this year",[615],{"type":593,"attrs":616},{"href":617,"uuid":49,"anchor":49,"target":49,"linktype":596},"https://source.benchmarkminerals.com/article/ira-lifts-us-battery-pipeline-growth-in-second-half-of-the-year-outpacing-europe",{"text":619,"type":578}," in terms of announced new battery capacity, according to Benchmark.  ",{"type":573,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":578},"LG Chem’s investment in the cathode production facility is the single largest announced foreign direct investment in Tennessee’s history, according to the Tennessee Department of Economic and Community Development.",{"type":573,"attrs":626,"content":627},{"textAlign":49},[628],{"type":629,"attrs":630},"image",{"id":49,"alt":631,"src":632,"title":49,"source":49,"copyright":49,"meta_data":633},"","https://a.storyblok.com/f/287943243085208/15d71cf38e/bm-tennessee-attracts-billions-of-dollars.png",{},{"type":573,"attrs":635,"content":636},{"textAlign":49},[637],{"text":638,"type":578},"The plant could supply 18% of North America’s 2030 cathode demand if it operated at its full announced capacity. This would be a significant boon to the region’s currently lacking midstream.",{"type":573,"attrs":640,"content":641},{"textAlign":49},[642],{"text":643,"type":578},"LG said the plant would start production in the second half of 2025.",{"type":573,"attrs":645,"content":646},{"textAlign":49},[647],{"type":629,"attrs":648},{"id":49,"alt":631,"src":649,"title":49,"source":49,"copyright":49,"meta_data":650},"https://a.storyblok.com/f/287943243085208/b6254ab726/bm-lg-vs-2027-1.jpg",{},{"type":652,"attrs":653,"content":655},"heading",{"level":654,"textAlign":49},4,[656],{"text":657,"type":578},"Tennessee Battery Hub",{"type":573,"attrs":659,"content":660},{"textAlign":49},[661],{"text":662,"type":578},"The deal also consolidates Tennessee’s position as one of the hubs for America’s battery supply chain development, with several facilities in the state under construction.",{"type":573,"attrs":664,"content":665},{"textAlign":49},[666],{"text":667,"type":578},"“LG Chem’s decision to locate its new cathode manufacturing facility in Clarksville underscores Tennessee’s growing profile as a hub for US and global companies,” Stuart McWhorter, Tennessee’s commissioner for the Department of Economic and Community Development, said.",{"type":573,"attrs":669,"content":670},{"textAlign":49},[671],{"type":629,"attrs":672},{"id":49,"alt":631,"src":673,"title":49,"source":49,"copyright":49,"meta_data":674},"https://a.storyblok.com/f/287943243085208/34e37aa114/bm-tennessee-map-3.jpg",{},{"type":573,"attrs":676,"content":677},{"textAlign":49},[678],{"text":679,"type":578},"LG Chem said Tennessee was the location of choice for the cathode facility in part because of its proximity to key customers.",{"type":573,"attrs":681,"content":682},{"textAlign":49},[683],{"text":684,"type":578},"Benchmark tracks four gigafactories in the state, including a plant being built by LG Energy Solution, a battery spin-off from LG Chem, with GM. ",{"type":573,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":578},"A total of $9 billion has been invested in Tennessean gigafactories with a total capacity of 77 gigawatt-hours. A joint venture between Ford and SK On provided the largest chunk of this with $5.6 billion for their 43 GWh Blue Oval City plant in Stanton, Tennessee, which is under construction.",{"type":573,"attrs":691,"content":692},{"textAlign":49},[693,695,701],{"text":694,"type":578},"There have also been other investments in the midstream of the battery supply chain. Novonix has a synthetic graphite anode production facility under construction in the state. Novonix recently received $150 million from the ",{"text":696,"type":578,"marks":697},"Department of Energy’s battery materials opportunity fund",[698],{"type":593,"attrs":699},{"href":700,"uuid":49,"anchor":49,"target":49,"linktype":596},"https://source.benchmarkminerals.com/article/us-targets-lithium-graphite-and-nickel-with-2-8-billion-doe-grants-to-take-on-china",{"text":702,"type":578},", and matched that with over $877 million.",{"type":573,"attrs":704,"content":705},{"textAlign":49},[706],{"text":707,"type":578},"The state is also home to the US’s only nickel sulphate production facility, operated by Umicore.",{"type":573,"attrs":709,"content":710},{"textAlign":49},[711],{"text":712,"type":578},"Piedmont Lithium is developing a lithium hydroxide production facility in Etowah, Tennessee due to begin operations in 2026, according to Benchmark. The company said it plans to invest $600 million on the plant and recently received a grant of over $140 million from the Department of Energy towards this.","LG Chem’s decision to build a $3.2 billion battery cathode facility in Tennessee could more than double North American cathode production in five years, highlighting the scale of new investments in the US following the passing of landmark climate legislation this summer. The South Korean company said the 120,000 tonnes per year plant is scheduled […]",[715],{"slug":561,"name":562,"content":716},{"job_title":564,"image":717,"bio":567,"linkedin":568},{"filename":566},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"194f96f0-a07c-458d-a48c-32c965c50f2e\", \"id\": \"\"}-->","article",[721,724],{"slug":722,"name":723},"batteries","Batteries",{"slug":725,"name":298},"cathode","private",{"id":49,"alt":631,"name":631,"focus":631,"title":631,"source":631,"filename":728,"copyright":631,"fieldtype":729,"meta_data":730,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f1de774bf9/bm-image-11.png","asset",{"alt":631,"title":631,"source":631,"copyright":631},"Nov 24, 2022","24th November 2022",[],[],1783093140656]