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A newly formed joint venture plans to establish a manufacturing facility for electric vehicle battery materials in central Kentucky, state and company officials announced.
Lotte Chemical and Lotte Aluminium — both subsidiaries of South Korean conglomerate Lotte Group — formed Lotte Aluminium Materials USA LLC, which will invest nearly $240 million in the project in Elizabethtown, Kentucky. The facility will produce cathode foil, a thin aluminum material that provides a pathway for electrons and supports the cathode active material of a battery. Cathode foil is one of four major components of an EV battery, officials said, and determines the secondary battery’s capacity and voltage.
Company executives anticipate that demand for cathode foil will increase at an average annual rate of 32% through 2030.
Lotte Chemical President and CEO Kim Gyo Hyun said in order to serve customers, this facility will develop technology that can produce quality and efficient cathode foils.
The new plant is expected to begin operations in 2025 and create 122 new jobs.
The site, located in the city’s T.J. Patterson Industrial Park, received $500,000 in state funding for infrastructure improvements two years ago. Since June of 2020, electric vehicle-related companies have announced projects in Kentucky valued at more than $8.5 billion and expected to create well over 8,000 jobs.
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