Plans are now underway for the construction of a $2.8 billion battery manufacturing plant that will go up on a sweeping, vacant stretch of land in Queen Creek, Arizona.
The project will belong to the company LG Energy Solution Limited, which is based in Seoul, South Korea and wants to build a facility measuring around 1 million square feet. The announcement comes after months of discussions between the company and both state and local officials.
LG Energy acquired the land needed for the project through an auction conducted last month.
LG Energy Solution has emerged as one of the largest lithium-ion battery producers in the world, in particular supplying the batteries needed for the emerging electric vehicle market.
The site for the planned plant is located at the northeast corner of Ironwood Road and Germann Road, not far from the Phoenix-Mesa Gateway Airport.
Work could begin on the new plant by early summer, with a rough late 2024 completion date.
Launched in December of 2020, LG Energy Solution has quickly become a giant in the lithium-ion battery market, seeing revenues of nearly $16 billion.
By Garry Boulard
