Shulou(Shulou.com)11/24 Report--

August 30, according to foreign media reports, on Tuesday, South Korean power battery company LG Chemical (LG Chem) said it would build a fourth carbon nanotube (CNT) plant in Chunghnang South Road, about 75 kilometers south of Seoul, South Korea, to meet the fast-growing electric vehicle battery market.

Foreign media said that this is one of the measures taken by the company to gain more competitive advantage in the global carbon nanotube market, which focuses on electric vehicle battery materials.

The plant, which will have an annual capacity of 3200 tons, is expected to start construction in the first half of next year and begin operation in the second half of 2024, the company said. Once the new plant is completed, the company's total carbon nanotube production capacity will increase to 6100 tons per year. The company's carbon nanotube capacity is mainly supplied to LG energy solutions.

Carbon nanotubes are a new generation of materials. Their electrical conductivity and thermal conductivity are comparable to those of copper and diamond, and their strength is 100 times that of steel. They are mainly used in the manufacture of lithium-ion batteries, semiconductors and auto parts. In batteries, they are not core components, but additives to improve battery performance.

LG Chemical is a South Korean power battery company that supplies electric vehicle batteries to 13 of the top 20 car brands, including Volkswagen, Renault, General Motors, Ford, Hyundai, Volvo, Audi, Daimler and so on.

In mid-July, the company announced that it would invest 10 trillion won (US $8.7 billion) by 2025 to expand its battery materials, renewable energy and biological businesses.

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