Poland (Warsaw) (Times Of Ocean)- LG Chem’s subsidiary is Europe’s largest manufacturer of lithium-ion batteries for the automobile industry.
The European Commission announced on Friday that it has approved a €95 million ($105 million) loan to Poland for LG Chem’s electric vehicle (EV) battery plant.
A commission statement said tEV_Battery
he investment will support LG Chem’s expansion of its EV battery cell facility in Poland’s Dolnośląskie region.
“The aid will contribute to job creation and to the economic development of a disadvantaged region, without unduly distorting competition,” Executive Vice-President Margrethe Vestager said.
Korea’s LG Chem Ltd. operates in Poland through its subsidiary LG Energy Solution Wrocław, which is Europe’s largest manufacturer of lithium-ion batteries for the automotive industry.