LG Chem Ltd., South Korea’s leading chemical company, said Thursday it has won a major electric vehicle battery cathode material supply deal from the United States.
The contract is valued at 3.76 trillion won ($2.57 billion) and covers the period from Saturday through July 31, 2029, the company said in a regulatory filing.
It did not disclose the buyer, citing confidentiality. The contract marks one of the largest such deals for the company despite a temporary slowdown in global EV demand.
LG Chem currently has an annual cathode production capacity of 150,000 tons across South Korea, China and other locations, and is building a new 60,000-ton capacity facility in the US state of Tennessee.
