[Alpha Biz=(Chicago) Reporter Kim Jisun] L&F will spend 2.55 trillion won to build a new plant for cathode materials and cathode materials in Daegu.

L&F signed a new memorandum of understanding (MOU) on about 560,000 square meters of land in the Daegu National Industrial Complex at its Guji 3 plant in Daegu on the 27th, with CEO Choi Soo-an and Daegu Mayor Hong Joon-pyo attending.

This agreement is a huge investment worth 2.55 trillion won. On a single scale, it is the largest amount in Daegu and is expected to create more than 3,000 new jobs.

The new site will house production facilities for next-generation cathode materials and LFP (Lithium, Phosphoric Acid, and Iron) cathode materials for low and medium-priced batteries as well as high-nickel cathode materials, which are its flagship products.

L&F plans to have an annual production capacity of 310,000 tons, including two high nickel anode material plants (a total of 130,000 tons), one next-generation cathode material plant (22,000 tons), and two LFP anode material plants (a total of 160,000 tons).

This is expected to generate about 9.5 trillion won in annual sales. L&F has already invested 1.1 trillion won to build a bipolar material line at its old plant.

 

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