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Tuesday, May 28, 2024

Hyundai and LG Collaborate for $4.3 Billion Battery Plant in Georgia

The announcement came on Thursday that Hyundai Motor Group and LG Energy Solutions had plans to develop a $4.3 billion electric car battery factory in Georgia. This will be the latest renewable energy project to come to the state of Georgia.

It is anticipated that the project would result in the creation of 3,000 new employment in the southeast region of Georgia by the year 2025. It will be the second battery manufacturing factory that Hyundai constructs in the state, which has taken advantage of incentives provided by the Inflation Reduction Act to create new facilities. Hyundai made the announcement in December that it will be constructing a facility in Bartow County in partnership with SK On, a South Korean company that develops batteries for electric vehicles.

According to the firm, the facility will be built in Bryan County, Georgia, in close proximity to the Hyundai Motor Group Metaplant America, which is now under development. The Hyundai, Genesis, and Kia electric car production will take place at the Metaplant site.

In an interview, Democratic Senator Jon Ossoff of Georgia said that the inclusion of incentives for the production of renewable energy in the Inflation Reduction Act made it feasible for the plant to be built.

During a trade trip that Mr. Ossoff led to South Korea in April, he was able to meet with top officials from both of the firms.

The news came after Hanwha QCells made a decision in January to expand its operations by building a $2.5 billion plant in Georgia that would create solar panels and the components that go into them. The development will be in response to a federal climate and tax policy.

David Faber
David Faber
I am a Business Journalist of The National Era
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