LG Energy Solution (KRX:373220) will commence the mass production of lithium iron phosphate (LFP) batteries for energy storage systems (ESS) in the US in the second half of this year, The Korea Herald reported Wednesday.
The mass production is backed by a $1.4 billion debt guarantee for its Michigan plant, the report said.
The facility, originally an electric vehicle battery base, will now be home to LG's first US ESS production line, with an estimated capacity of 17 gigawatt-hours. The LFP batteries will feature a pouch cell design and include cloud-based monitoring for performance optimization, it said.
Shares of LG Energy Solution rose nearly 3% at market close on Thursday.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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