A cathode manufacturer is set to make the largest foreign investment in Tennessee in the Volunteer State’s history, according to the Department of Economic and Community Development (TDECD).
“LG Chem’s anticipated investment of approximately $3.2 billion represents the single largest announced foreign direct investment in Tennessee’s history. The project is expected to create 860 new jobs in Montgomery County,” according to a TDECD press release. “The Clarksville facility will be the largest of its kind in the U.S. and is expected to produce roughly 120,000 tons of cathode material annually by 2027, which is enough to power batteries in 1.2 million electric vehicles with a range of 310 miles per charge.”
✅ Single largest announced foreign direct investment in state history
✅ Largest cathode manufacturing facility in the U.S.
✅ 850+ new jobs in Clarksville
Welcome to Tennessee, LG Chem.
— TNECD (@TNECD) November 22, 2022
LG Chem is headquartered in South Korea.
Building of the plant will begin almost immediately.
“The current plan is for the state-of-the-art facility to be constructed on 420 acres at the Allensworth site in Clarksville. Construction is slated to begin in Q1 2023, and the plant is scheduled to be in production by the second half of 2025,” according to the release.
Gov. Bill Lee (R) celebrated the company’s plan.
“LG Chem’s decision to invest $3.2 billion in Clarksville is a testament to Tennessee’s unmatched business climate, skilled workforce and position as a leader in the automotive industry. I thank this company for creating more than 850 new jobs to provide opportunity to Tennesseans across Montgomery County,” said Lee.
So did TDECD Commissioner Stuart McWhorter.
“This is a big win for Tennessee and Montgomery County. LG Chem’s decision to locate its new cathode manufacturing facility in Clarksville underscores Tennessee’s growing profile as a hub for U.S. and global companies,” he said. “As we continue our efforts to attract companies in the automotive industry, we are focused on supporting companies that boost Tennessee’s presence in the EV space. I appreciate LG Chem for its substantial investment in Clarksville and look forward to building a successful partnership with the company in the years ahead.”
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