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EIB loans to LG Chem Wroclaw Energy for Electric Vehicle Battery Production in Poland

Auto News - Published on Fri, 03 Apr 2020

Image Source: LG Chem Wroclaw Energy Electric Vehicle Battery
The European Investment Bank has signed a EUR 480 million loan agreement with LG Chem Wroclaw Energy, the Polish subsidiary of the LG Chem Group that was established to develop the group’s battery production facility in Europe. The financing will be used for the construction and operation of highly automated and innovative manufacturing facilities for advanced lithium-ion cells and batteries for battery-powered electric vehicles. The EIB financing will cover around a third of the total project costs, estimated at €1.5 billion. The remainder will come from the company’s own resources and from other financing sources. The additional manufacturing facilities will be located on the industrial site of LG Chem Wroclaw Energy in south-west Poland.

The project supplements smaller production facilities on the same site and presents several novelties, including a fully smart factory with several newly developed cutting-edge technologies to mass-produce the latest generation of high energy density li-ion electrodes, cells, modules and battery packs, thereby significantly improving energy density, fast-charging capability, safety and cost efficiency.

The EIB-backed project will have an annual production capacity of over 35 GWh, which can potentially power more than 500 000 zero-emission electric cars per year and therefore contribute to the transition from fossil fuel-powered internal combustion engine-based vehicles toward electromobility and sustainable transport.

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Posted By : Yogender Pancholi on Fri, 03 Apr 2020
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