SEOUL, South Korea, March 23, 2023 /PRNewswire/ -- LG Energy Solution (KRX: 373220) announced its decision to invest KRW 7.2 trillion (USD 5.5 billion) to build a battery manufacturing complex in Queen Creek, Arizona. The investment will be made in two phases. The complex will consist of two manufacturing facilities. One will produce cylindrical batteries for electric vehicles (EVs), with an annual production capacity of 27GWh. The other will manufacture lithium iron phosphate (LFP) pouch-type batteries for energy storage systems (ESS), with an annual production capacity of 16GWh. Construction of the cylindrical battery plant will begin in the second quarter of this year, with mass production expected to commence in 2025. The LFP battery plant is planned to break ground in the second quarter of 2026, with mass production starting in 2027. LG Energy Solution's new Arizona manufacturing complex will be located on a site spanning approximately 650 acres. The company expects to create thousands of new jobs during the construction phase and employ thousands more upon completion. LG Energy Solution is committed to creating a sustainable manufacturing complex. The company plans to use 100% renewable energy to power the facilities and implement various resource-saving measures. "Our decision to invest in Arizona demonstrates our strategic commitment to expanding our production capacity in North America to meet the growing demand for high-quality batteries," said Youngsoo Kwon, CEO of LG Energy Solution. "We believe that this investment will create significant economic benefits for the state of Arizona and further solidify our position as a leading battery manufacturer in the global market." LG Energy Solution is a leading global manufacturer of lithium-ion batteries for electric vehicles, energy storage systems, and IT applications. With a global presence and a strong commitment to innovation, the company is playing a key role in the transition to a sustainable energy future.