Very relevant article, 14 July 2021. South Korea’s LG Chem has earmarked
$5.2 billion over the next four years to build out its battery materials business. The investment comes as automakers and state regulators set targets to transition away from internal combustion engine vehicles, in a shift that will likely be the most transformative to the mobility industry since the invention of the car.
https://techcrunch.com/2021/07/14/lg-chem-will-invest-5-2b-in-battery-materials-through-2025/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAEkYi1SELx_RHaywKcwHBRLAG2eYi0TtIcWrD2m7kXR13-9GDPqYEWnTqS3tQ1DXfGmQybzhAZe3N-eywT-G2B6j_LIm27x3iRgwlzADk4FRvTbpxZ0rkcm2srmggLDG0yWPQkwSX6IurIoRnqqo9koVZyyrWWsWR7MkWbeVFc57 Market size and growth LG Chem is already one of the largest manufacturers of batteries and battery materials, with customers including Volkswagen, General Motors and Tesla. And the company only sees the
global battery materials market expanding — from $34 billion in 2021 to $87 billion by 2026. Backward integration with a mining company! On the supply chain front, LG said it’s preparing a joint venture with a mining company for the supply of metals and other raw materials for battery components.
The company will “actively pursue cooperation in various ways with companies possessing mining, smelting and refining technologies to strengthen its metal sourcing competitiveness,” it said in a statement.
ESG CEO Hak Cheol Shin said the company is examining even more opportunities to
shift toward a sustainable business portfolio. “This will be the most revolutionary change since the establishment of the company that will upgrade the value and sustainability of LG Chem, and tangible achievements will become available from the second half of this year,” he said.
GP, (maybe) you should give Hak Cheoi Shin a call