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[Alpha Biz=(Chicago) Reporter Kim Jisun] LS Group invested 1.84 trillion won in Saemangeum in August and invested an additional 1.16 trillion won to strengthen the competitiveness of secondary batteries.
(MOU) with the Saemangeum Development Agency, North Jeolla Province, Gunsan City and Korea Rural Community Corporation for the construction of high purity metal compound production facilities for secondary batteries. The signing ceremony at the Ramada Gunsan Hotel was attended by Do Seok-koo, CEO of LS M & M, Koo Dong-hwi, chief operating officer, Kim Kwan-young, governor of North Jeolla Province, and Kim Kyung-ahn, head of the Saemangeum Development Agency.
The project name is "EVBM Saemangeum," and construction of production facilities will begin in March 2026 at Saemangeum Industrial Complex 5 and start production in 2029. KRW 1.16 trillion will be spent on the construction of the plant, up KRW 370 billion from earlier expectations. The main production products are secondary battery cathode materials such as 40,000 tons of nickel sulfate (based on nickel metal), manganese sulfate, cobalt sulfate, and lithium hydroxide. It can supply 800,000 electric vehicles.
In August, LS Group signed an investment agreement worth 1.84 trillion won in Saemangeum. As a result, LS Group's total investment in Saemangeum Industrial Complex has increased to 2.21 trillion won.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
