To strengthen battery portfolio, LG Chem announced to invest approximately USD 35 million in equities for Chinas Jiujiang DeFu Technology company. DeFu manufactures copper laminate that is a core part of secondary batteries.
LG Chem is strengthening its value chain in the battery materials sector through the copper laminate business.
- Copper laminate is a thin copper sheet measuring to about 1/15 the size of human hair, and it is a core material for EV batteries that is used in battery anode materials to make electric currents flow.
- DeFu is the third-ranked copper laminate manufacturer in China based on production capacity.
In Nov 2020, LG Chem had signed a strategic partnership with one of the world’s largest diesel company Neste to expand its bio-based, eco-friendly businesses and markets. LG Chem will start producing eco-friendly synthetic resins from bio-materials.
In Oct 2020, LG Chem announced that it successfully developed a new biodegradable material that could realize mechanical properties equivalent to synthetic resins for the first time in the world. The new material that significantly improved flexibility (elongation) and transparency compared to existing biodegradable materials through proprietary technologies and production processes. The new material developed by LG Chem is the only material is a single biodegradable material with 100% bio contents using corn-based glucose and crude glycerol.
In July 2020, LG Chem announced that it held an MOU ceremony for the establishment of the LG Chem-SNU DX Industry-Academic Cooperation Center by partnering up with the SNU College of Digital Engineering to strengthen its capacities in DX. LG Chem and SNU plans to construct an industry-academic cooperation infrastructure for DX and search for various DX projects, while also collaborating to reinforce its digital competitiveness by fostering outstanding human resources who will lead digital innovation, etc.
In Dec 2019, LG Chem announced a joint venture for electric vehicle (EV) batteries with General Motors (General Motors), Americas top automaker to pioneer the US EV market. This will be a 50:50 joint venture with each company investing one trillion KRW each, and a total of 2.7 trillion KRW will be invested by 2024 to procure production capacities upwards of 30GWh.
About LG Chem
LG Chemical, headquartered in Seoul, South Korea, is one of the prominent chemical company. The company has a vertically integrated system from the basic raw materials such as ethylene and propylene to the downstream products such as PE, ABS and synthetic rubber. L G Chems portfolio includes Petrochemicals, Energy Solutions, Advanced Materials, and Life Sciences products.