It is reported that LG Chem has received a loan of 480 million euros (approximately RMB 3.75 billion) from the European Investment Bank, and the funds will be invested in a Polish power battery factory.

The European Investment Bank said the loan will add 35GWh of annual battery production capacity to LG Chem.

LG Chem belongs to LG Group, one of South Korea's three major groups, and is one of its most important pillar industries.

In the half century since its establishment in 1947, the European Investment Bank has grown into South Korea's largest integrated chemical company, leading the Korean chemical industry.

LG Chem focuses on three businesses: petrochemicals, information electronic materials, and secondary batteries, and vigorously carries out international business activities.

In the equipment update and upgrade project planning of the Polish battery factory, LG Chem will invest 1.5 billion euros (approximately RMB 11.72 billion). In addition to the loan from the European Investment Bank, the remaining funds will come from LG’s own resources or

Other financing channels.

The European Investment Bank's investment of 480 million euros will provide LG Chem with an annual production capacity of 35GWh, allowing the factory to achieve an annual battery production of 65GWh.

In addition, LG Group stated that LG Chem’s goal in 2020 is for the annual output of all battery plants to reach 110GWh.

This article comes from the author of Autohome Chejiahao and does not represent the views and positions of Autohome.