The European Bank for Reconstruction and Development (EBRD) extends a \u20ac250 million to help LG Chem establish a \u20ac2.8 billion gigafactory for producing lithium-ion batteries.<\/p>\n
The EBRD is powering the revolution in electric vehicles. The move to electric vehicles is seen as imperative to reduce CO2<\/sub>\u00a0emissions and reach targets in addressing the challenges of climate change. The European Union\u00a0is aiming for a climate-neutral economy by 2050.<\/p>\n The facility \u2013 due to be set up in Wroc\u0142aw in western Poland – is the first and currently the only fully integrated plant in Europe to produce all battery components, ranging from electrodes to cells, modules and final packs.<\/p>\n The three-stage LG Chem plant is expected to be completed in 2022 with a production capacity of around 65-70 GWh a year.<\/p>\n This will allow the company to supply batteries for up to 1 million electric vehicles per year (approximately six per cent of cars sold in Europe), resulting in the reduction of over 1 million tons of CO2<\/sub>\u00a0emissions per year.<\/p>\n The plant in Wroc\u0142aw will also have a sizeable impact on the local labor market. The company employs 2,700 people and plans to hire an additional 1,000 skilled employees by 2022.<\/p>\n Frederic Lucenet, EBRD Global Head of Industries, said: \u201cWe are proud to support this landmark investment, which will lead the green transformation of Europe\u2019s automotive sector. In all its industrial projects across all 38 economies in which the EBRD invests, the Bank is investing in priority and in majority for the decarbonization of the hard-to-abate sectors. Becoming part of LG Chem\u2019s ambitious venture in Poland illustrates that the EBRD is up for it.\u201d<\/p>\n LG Chem added: \u201cWe are very delighted with our cooperation with the EBRD. Such support from the EBRD proves the promising future of EV business and LG Chem\u2019s leading position in the manufacturing of batteries. We hope the EBRD will remain a committed long-term partner.\u201d<\/p>\n \n","protected":false},"excerpt":{"rendered":" The European Bank for Reconstruction and Development (EBRD) extends a \u20ac250 million to help LG Chem establish a \u20ac2.8 billion gigafactory for producing lithium-ion batteries. The EBRD is powering the revolution in electric vehicles. The move to electric vehicles is seen as imperative to reduce CO2\u00a0emissions and reach targets in addressing the challenges of climate […]<\/p>\n","protected":false},"author":410,"featured_media":46323,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6038,6261,984,6030],"tags":[6087,6614,7408,6402],"yoast_head":"\n