On May 16, LG Chem stated on Sunday that LG will invest 40 billion won in a Chinese copper foil company to stabilize the supply of core battery materials.
LG Chem said in a statement that the company will take a stake in China's third-largest copper foil manufacturer JJDF Technology Group, which has an annual production capacity of 49,000 tons. LG Chem has signed a memorandum of understanding with it, and the two parties will establish a long-term cooperative relationship in the copper foil business.
LG Chem said that Jiujiang Telford Technology plans to expand its annual production capacity to 78,000 tons by 2022 to meet the growing demand for copper foil for automotive battery manufacturing.