In a historic move, the South Korean Company LG Chem has agreed to create a $3.2 billion facility that will create 1,000 jobs in Tennessee.
Governor Bill Lee made the announcement in late November. He stated that this move marks the largest foreign investment in Tennessee history. It is a historic victory for the Tennessee economy.
This week, LG Chem announced the largest single foreign direct investment in TN history, creating nearly 1,000 new jobs for Tennesseans across the Clarksville community. TN’s unmatched business climate & skilled workforce continue to attract global companies to our state. pic.twitter.com/Pbz0H4tbfF
— Gov. Bill Lee (@GovBillLee) November 22, 2022
What Will the Facility Do?
The new LG Chem facility is a plant that will produce cathode materials, which are essential for electric vehicle batteries. Thus, this plant helps to bring Tennessee to the forefront of the ever-growing electric vehicle industry.
LG Chem shows great ambition. So they have plans to start construction on the factory in early 2023. The plant should begin production by the end of 2025.
The factory’s size allows it to produce an estimated 120,000 tons of cathode battery materials every year. That’s enough to create batteries for 1.2 million EVs (electric vehicles), making it the largest facility of its kind in the US.
Where and Why?
The facility’s new home rests in Clarksville in Montgomery County on farmland formerly owned by the Allensworth family. With 422 acres, active railroad service, and Tennessee Valley Authority substation, this plot has all it needs to become a new, powerful industrial sight.
Tennessee Economic Development Commissioner Stuart McWhorter stated that Tennessee did offer incentives to LG Chem to place their plant in Clarksville. However, the details of those incentives have not been disclosed.
This South Korean Tennessee teamup promises to create lots of jobs in the state and help to bring Tennessee to the front of innovative new industries. This marks a huge victory for Tennesseans even outside of Montgomery County.