Lotte Chemical teams up with Lotte Aluminium to build an anode facility in Kentucky

On Wednesday, July 27, Lotte Chemical announced its intention to construct an anode facility in Kentucky by 2025 under the joint venture between the former and Lotte Aluminium. A crucial component of electric vehicle (EV) batteries is anode foil. Lotte Chemical and Lotte Aluminium will each spend 330 billion won ($252 million) for the facility, with Lotte Chemical owning a 70 per cent stake and Lotte Aluminium holding the remaining 20 per cent.

Because of rising interest in eco-friendly electric vehicles, battery consumption in the US is anticipated to soar. Lotte Chemical predicts that the demand for anode foil, one of the key components used in EV batteries, will rise by around 32 per cent by 2030 compared to this year.

“We will spare no effort in technological development and support so that we can stably produce high-quality and high-efficiency anode foils,” said Lotte Chemical Vice Chairman Kim Gyo-hyun.

Lotte Chemical intends to facilitate the localization of Korean battery firms in the US through the investment it announced on Wednesday by forming reliable alliances with domestic battery producers that can provide quick customer service and consistent delivery.

“Based on synergy with chemical materials companies, we will actively respond to market changes and focus our capabilities on swiftly promoting the battery business,” added Kim Gyo-hyun.