LG Chem, South Korean firm to invest $3B in Montgomery County

  • LG Chem is a South Korean company.
  • The firm plans to invest $3 billion in Montgomery County.
  • Tennessee Gov. Bill Lee called it the “largest single foreign-direct investment” in state history.

A South Korean company is headed to Montgomery County in what Tennessee Gov. Bill Lee on Monday called the largest single foreign-direct investment in the state’s history.”

Tennessee and LG Chem announced plans to develop a cathode materials plant for electric vehicle batteries, which Lee said will bring around 1,000 jobs to the area with a $3.2 billion investment.

“What we’re announcing today will change the lives of Tennesseans,” Lee said. 

LG Chem CEO Hak Cheol Shin said construction on the plant is set to begin in the first quarter of 2023, with mass production scheduled to start in late 2025. Shin said the factory is projected to produce 120,000 tons of cathode battery materials annually once fully operational, which is enough to power batteries in 1.2 million electric vehicles.

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