LG energy solutions have invested a decent amount of $3.1 billion for the expansion of battery manufacturing facilities located at its Ochang plants in Cheongju, North Chungcheong Province, until 2026.
The announcement for the same came from a South Korean battery maker on Monday itself. The investment agreement has been signed between the local government of North Chungcheong Province and the city of Chungju and the company.
It is being said that the investment will go towards expanding and upgrading the cylindrical battery production lines and building additional infrastructures like research and development facilities at the Ochang plants.
The investment will also work to skyrocket productivity at the new assembly lines with the launch of smart factory features like remote support, automation of logistics, and the intellectualization of manufacturing.
Talking about the investment agreement, projections are that it will create around 1,800 new jobs over the next five years, as mentioned by the officials. LG Energy Solutions has made an oath to stimulate the local economy by buying manufacturing materials and equipment from regional businesses and encouraging their participation in conducting the
Speculations are that the new development from LG Energy Solutions will ensure that the customers get to see new innovations and a lot of jobs get generated so that the employment issue can be curbed.