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gigafactories","lges-expands-north-america-footprint-with-canada-and-arizona-gigafactories","article/lges-expands-north-america-footprint-with-canada-and-arizona-gigafactories",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":672,"featured":51,"reporter":673,"_editable":677,"component":678,"seo_title":543,"categories":679,"visibility":683,"author_company":49,"featured_image":684,"seo_description":672,"author_full_name":49,"author_job_title":49,"formattedDate":689,"formattedArticleDate":690},"191d8c39-e1ff-485b-b9a6-3dbe8d8db3eb","2022-03-25 00:00",[550,553],{"slug":551,"name":552},"canada","Canada",{"slug":554,"name":555},"usa","USA",[557],{"slug":558,"name":559,"content":560},"didi-bostock","Didi Bostock",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Editor - Energy Transition & Economics",{"filename":563},"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":567,"content":568},"doc",[569,576,581,596,603,608,613,618,623,628,633,638,641,654,659,664,669],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"LG Energy Solution (LGES) this week announced over $5 billion of investment into two battery production plants in North America, including its first Canadian gigafactory, as the South Korean company cements its position as a leading supplier to the US automotive industry. ","text",{"type":570,"attrs":577,"content":578},{"textAlign":49},[579],{"text":580,"type":575},"The company said a $4.1 billion joint venture with Stellantis will build Canada’s first large-scale battery facility in Windsor, Ontario. Due to be operational by 2024, the plant has a planned production capacity of 45 gigawatt hours, making it the largest capacity plant LGES has announced in North America.",{"type":570,"attrs":582,"content":583},{"textAlign":49},[584,586,594],{"text":585,"type":575},"The deals increase LGES’ lead over rival SK On (the battery subsidiary of SK Innovation) in North America and also put the company in a strong position to supply fast growing startups such as Lucid Motors with batteries. It comes following ",{"text":587,"type":575,"marks":588},"LGES’ IPO on the South Korean stock exchange in January",[589],{"type":590,"attrs":591},"link",{"href":592,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/lges-aims-to-surpass-catl-with-10-8-billion-battery-ipo","url",{"text":595,"type":575},", where the company raised $11 billion to expand global capacity to catch up to China’s CATL, the world’s largest battery producer.",{"type":597,"attrs":598,"content":600},"heading",{"level":599,"textAlign":49},4,[601],{"text":602,"type":575},"NORTH AMERICAN EXPANSION",{"type":570,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":575},"“LG has been expanding in North America for a while,” says Hanisha Tirumalasetty, an analyst at Benchmark. “They have a very strong presence there and are building on that.”",{"type":570,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":575},"Stellantis is already Windor’s largest employer and the new facility will create 2,500 jobs, the company said. Justin Trudeau, Canada’s Prime Minister, said the plant will help put “Canada on the cutting edge of the clean economy.”",{"type":570,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":575},"LGES said it would use Canada’s extensive renewable electricity infrastructure to help “position itself as a critical player in building green energy value chains in the region,” according to Youngsoo Kwon, CEO of LGES.",{"type":570,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":575},"Canada is emerging as a key battery supply chain cluster due to its cheap and abundant hydropower. GM and Posco said this month that they plan to build a battery cathode plant in Quebec, where hydropower provides over 90% of the region’s electricity. ",{"type":570,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":575},"This week LGES also announced a $1.4 billion investment to build a battery factory in Arizona. This facility, also due to be operational in 2024, has a planned production capacity of 11 GWh.",{"type":570,"attrs":629,"content":630},{"textAlign":49},[631],{"text":632,"type":575},"The facility will manufacture cylindrical battery cells, the format used by automakers such as Lucid and Tesla. LGES said the facility will supply “prominent startups” alongside other North American companies in the EV and power tools market.",{"type":597,"attrs":634,"content":635},{"level":599,"textAlign":49},[636],{"text":637,"type":575},"COMPETING GLOBALLY AND LOCALLY",{"type":570,"attrs":639,"content":640},{"textAlign":49},[],{"type":570,"attrs":642,"content":643},{"textAlign":49},[644,646,652],{"text":645,"type":575},"The two new facilities are close to existing battery hubs in the US. The Ontario plant is adjacent to LGES’ “midwest hub.” The company recently announced it would invest $1.7 billion into expanding its Michigan plant in this hub to quintuple its output. LGES is also operating a ",{"text":647,"type":575,"marks":648},"joint venture with General Motors in Ohio",[649],{"type":590,"attrs":650},{"href":651,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/gm-targets-2-6-billion-third-battery-factory-with-lges",{"text":653,"type":575},", expected to be operational by 2023.",{"type":570,"attrs":655,"content":656},{"textAlign":49},[657],{"text":658,"type":575},"In 2021, LGES had 5 GWh of production capacity. These latest announcements along with previously released plans, will help secure LGES’ position as a key player in the region with nearly 200 GWh of capacity planned by 2031.",{"type":570,"attrs":660,"content":661},{"textAlign":49},[662],{"text":663,"type":575},"Despite growth by LGES in North America, the global battery production market leader is CATL. In 2021, CATL had 37% more production capacity than LGES, globally. This lead will grow to 68% by 2031 as CATL rapidly expands in China.",{"type":570,"attrs":665,"content":666},{"textAlign":49},[667],{"text":668,"type":575},"The lead LGES has in North America could change, however, if CATL starts developing capacity in the region. Although no official figures have been announced, Bloomberg reported the company plans to build an 80 GWh battery facility in the region.",{"type":570,"attrs":670,"content":671},{"textAlign":49},[],"LG Energy Solution (LGES) this week announced over $5 billion of investment into two battery production plants in North America, including its first Canadian gigafactory, as the South Korean company cements its position as a leading supplier to the US automotive industry. The company said a $4.1 billion joint venture with Stellantis will build Canada’s […]",[674],{"slug":558,"name":559,"content":675},{"job_title":561,"image":676,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"191d8c39-e1ff-485b-b9a6-3dbe8d8db3eb\", \"id\": \"\"}-->","article",[680],{"slug":681,"name":682},"batteries","Batteries","private",{"id":49,"alt":685,"name":685,"focus":685,"title":685,"source":685,"filename":686,"copyright":685,"fieldtype":687,"meta_data":688,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/90b9bc6c0c/bm-01-hp-1-all-new-2022-jeep-grand-cherokee-4xe-plug-in-hybrid.jpg","asset",{"alt":685,"title":685,"source":685,"copyright":685},"Mar 25, 2022","25th March 2022",[],[],1781512953120]