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EBRD extends €250 m to support LG Chem gigafactory for electric vehicles batteries
The European Bank for Reconstruction and Development (EBRD) extends a €250 million to help LG Chem establish a €2.8 billion gigafactory for producing lithium-ion batteries.
The EBRD is powering the revolution in electric vehicles. The move to electric vehicles is seen as imperative to reduce CO2 emissions and reach targets in addressing the challenges of climate change. The European Union is aiming for a climate-neutral economy by 2050.
The facility – due to be set up in Wrocław in western Poland – is the first and currently the only fully integrated plant in Europe to produce all battery components, ranging from electrodes to cells, modules and final packs.
The three-stage LG Chem plant is expected to be completed in 2022 with a production capacity of around 65-70 GWh a year.
This will allow the company to supply batteries for up to 1 million electric vehicles per year (approximately six per cent of cars sold in Europe), resulting in the reduction of over 1 million tons of CO2 emissions per year.
The plant in Wrocław will also have a sizeable impact on the local labor market. The company employs 2,700 people and plans to hire an additional 1,000 skilled employees by 2022.
Frederic Lucenet, EBRD Global Head of Industries, said: “We are proud to support this landmark investment, which will lead the green transformation of Europe’s automotive sector. In all its industrial projects across all 38 economies in which the EBRD invests, the Bank is investing in priority and in majority for the decarbonization of the hard-to-abate sectors. Becoming part of LG Chem’s ambitious venture in Poland illustrates that the EBRD is up for it.”
LG Chem added: “We are very delighted with our cooperation with the EBRD. Such support from the EBRD proves the promising future of EV business and LG Chem’s leading position in the manufacturing of batteries. We hope the EBRD will remain a committed long-term partner.”
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