Lotte Chemical, Lotte Aluminium to build anode foil plant in Kentucky

[LOTTE CHEMICAL]

Lotte Chemical announced Wednesday that it established a joint venture with Lotte Aluminium to build an anode foil plant in Kentucky by 2025.

Anode foil is a key material for electric vehicle (EV) batteries. The two companies will invest a total of 330 billion won ($252 million) for the factory, with Lotte Chemical owning 70 percent and Lotte Aluminium the remainder.

Battery demand in the United States is expected to surge due to increased demand for green electric vehicles. Accordingly, the demand for anode foil, one of the core materials used in EV batteries, is expected to increase by about 32 percent by 2030 compared to this year, according to Lotte Chemical.

Through the investment announced Wednesday, Lotte Chemical plans to contribute to the localization of Korean battery companies in the United States through establishing stable partnerships for domestic battery manufacturers with prompt customer support and delivery stability.

“We will spare no effort in technological development and support so that we can stably produce high-quality and high-efficiency anode foils,” said Lotte Chemical Vice Chairman Kim Gyo-hyun. “Based on synergy with chemical materials companies, we will actively respond to market changes and focus our capabilities on swiftly promoting the battery business.”

BY LIM JEONG-WON [lim.jeongwon@joongang.co.kr]