Korean battery giant LG Chem stated late April that it signed a deal to procure a EUR 550 million green loan with multiple banks including Korea Development Bank (KDB). At the signing ceremony presented LG Chem CFO Cha Dong-seok, KDB Vice President Choi Dae-hyun, and other representatives from lenders including NongHyup Bank and The Export-Import Bank of Korea (KEXIM).
The green loan is the first fruit of the USD 5 billion ‘industry-finance cooperation program’ signed last December by LG Chem, KDB, KEXIM, and NongHyup Bank. The program lasts five years.
LG Chem said in the statement that the capital procured with the latest loan will be deployed for the extension of car battery factory in Poland. LG has a significant battery manufacturing facility, along with other facilities for Polarizer and EP, in Wroclaw, Poland.
LG Chem is planning to inject KRW 3 trillion into battery making facilities. The company currently has around KRW 150 trillion of battery orderbook, and is planning to record KRW 30 trillion of revenue only in battery market by 2024.