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					</table><p>Battery manufacturer <a href="https://www.lgensol.com/en/index" target="_blank" rel="noopener">LG Energy Solution</a> has raised $1 billion through its inaugural global green bonds.</p>
<p>The funds raised will be used to expedite investments in the company’s global battery production network.</p>
<p>The bond issuance consists of a three-year bond worth $400 million and a five-year bond valued at $600 million.</p>
<p>The three-year bond attracted orders from 114 institutional investors, while the five-year bond saw interest from 186 investors, resulting in a total order volume five times greater than the bond issuance size.</p>
<p>LG Energy said the successful bond issuance reflected the strong confidence in the company&#8217;s growth prospects, its active investment strategies, and the implementation of the Inflation Reduction Act.</p>
<p>During the first quarter of this year, the company said it had allocated KRW6.3 trillion (~$4.75 billion) for capital expenditures in global battery production the previous year and is planning to increase this year&#8217;s investment by over 50%.</p>
<p>LG Energy Solution said it was planning to make substantial investments to expand its product portfolio in electric vehicle (EV) batteries, energy storage systems (ESS), and other areas.</p>
<p>The company intends to triple its revenue in ESS over the next five years.</p>
<p>As of June 2023, LG Energy Solution&#8217;s total order backlog has reached KRW440 trillion (~$331.56 billion).</p>
<p>In May, LG Energy Solution and Hyundai Motor Group <a href="https://www.mercomindia.com/lg-and-hyundai-to-build-4-3-manufacturing-unit-in-us" target="_blank" rel="noopener">announced</a> a joint venture to manufacture EV battery cells in the United States. The joint venture will be in Bryan County, Savannah, Georgia.</p>
<p>Earlier, LG Energy Solution had <a href="https://www.mercomindia.com/lg-energy-solution-new-battery-plants-us" target="_blank" rel="noopener">announced</a> plans to invest roughly KRW7.2 trillion (~$5.5 billion) to build a battery manufacturing complex in Arizona, U.S. The investment is more than four times the amount LG had initially announced to manufacture cylindrical EV batteries in the same location.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a>
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Battery Maker LG Energy Solution Raises $1 Billion in Green Bonds


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					</table><p>Battery manufacturer <a href="https://www.lgensol.com/en/index" target="_blank" rel="noopener">LG Energy Solution</a> plans to invest roughly KRW 7.2 trillion (~$5.5 billion) to build a battery manufacturing complex in Arizona, United States. The current investment is more than four times the amount LG had initially announced last year to manufacture cylindrical EV batteries in the same location.</p>
<p>The company&#8217;s decision to increase investment in cylindrical EV battery production in North America comes from rising demand from EV makers for locally manufactured high-quality, high-performance batteries to satisfy the Inflation Reduction Act&#8217;s EV tax credits.</p>
<p>The complex will comprise two manufacturing facilities, one for cylindrical batteries specifically designed for electric vehicles and the other for lithium iron phosphate (LFP) pouch-type batteries suitable for energy storage systems (ESS).</p>
<p>The company plans to invest KRW4.2 trillion (~$3.2 billion) in building a cylindrical battery manufacturing facility with a capacity of 27 GWh and KRW3 trillion (~$2.3 billion) in LFP pouch-type battery facility with a capacity of 16 GWh. Both facilities, totaling 43 GWh, plan to break ground this year.</p>
<p>&#8220;Our decision to invest in Arizona demonstrates our strategic initiative to continue expanding our global production network, which is already the largest in the world, to further advance our innovative and top-quality products in scale and with speed,&#8221; said Youngsoo Kwon, CEO of LG Energy Solution.</p>
<p>The cylindrical battery manufacturing facility is set to commence mass production of 2170 cells by 2025, primarily targeting electric vehicle manufacturers in North America. LG claims this facility is the U.S.&#8217;s first cylindrical battery manufacturing plant, solely funded by a Korean battery manufacturer.</p>
<p>LG aims to commence production of LFP pouch-type batteries for ESS in 2026. This state-of-the-art facility will leverage LG Energy Solution Vertech&#8217;s fully integrated energy storage solutions, enabling the company to broaden its presence across the entire ESS value chain.</p>
<p>LG Energy Solution and Honda <a href="https://www.mercomindia.com/daily-news-wrap-up-lg-honda-produce-ev-batteries" target="_blank" rel="noopener">announced</a> they would establish a joint venture to produce lithium-ion batteries in the U.S. to power Honda and Acura EV models for the North American market.<strong> </strong> LGES and Honda will invest $4.4 billion in the plant. The plant aims to have an annual production capacity of approximately 40 GWh.</p>
<p>Total corporate funding (including venture capital funding, public market, and debt financing) for the energy storage, smart grid, and energy efficiency sectors in 2022 was up 63% with $31.7 billion <a href="https://mercomcapital.com/product/annual-q4-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">compared</a> to $19.5 billion in 2021, according to Annual and Q4 2022 Funding and M&amp;A Report for Storage, Grid &amp; Efficiency.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
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<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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LG Energy Solution to Invest $5.5 Billion in New Battery Plants in the US

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