LG Energy Solution invests $3.1 billion in a S.Korea battery plant

By Joyce Lee

SEOUL (Reuters).- South Korean battery manufacturer LG Energy Solution announced Monday that it will invest 4 trillion won ($3.1 million) in a facility producing batteries for electric cars.

The project in Ochang, South Korea, will include R&D and production facilities and related infrastructure, and is expected to add 1,800 employees, the company said in a statement.

A spokesperson for LG Energy Solution stated that the company plans to create a diverse product portfolio, including cylindrical and pouch-type batteries, to meet customer demands quickly and to differentiate production capabilities based upon a smart factory.

($1 = 1,298.8400 won)

(Reporting done by Joyce Lee, Ju-min Park, and Edmund Klamann; Editing by Christopher Cushing & Edmund Klamann