Sen. Ossoff: LG Energy Solution & Hyundai to Build $4.3 Billion EV Battery Plant in Georgia, Create 3,000 Jobs

WASHINGTON, May 26 -- Sen. Jon Ossoff, D-Georgia, issued the following news release on May 25, 2023:

U.S. Senator Jon Ossoff announced tonight manufacturing incentives in the Inflation Reduction Act have attracted another major industrial investment to Georgia -- this time, LG Energy Solution and Hyundai will jointly build a $4.3 billion EV plant in the Peach State.

Sen. Ossoff announced the news Thursday, weeks after leading an April trade mission to South Korea, where he met with senior executives from both firms. Sen. Ossoff met again in late April with LG Energy Solution executives in Washington to discuss the deal.

The two companies will jointly invest $4.3 billion to open a new EV battery plant that will supply Hyundai's EV manufacturing site in Bryan County. The investment is expected to create 3,000 jobs. According to the companies, full-scale production is expected to be online by the end of 2025.

"When I led a trade delegation to South Korea last month, securing this LG-Hyundai battery investment to Georgia was a key goal. The IRA's manufacturing incentives continue to bring jobs and investment to Georgia," Sen. Ossoff said. "My goal remains to make Georgia the world leader in advanced energy production. I thank LG Chairman Koo Kwang-mo, LG Energy Solutions President David Kim, Hyundai Chairman Chung Eui-sun, Senator Reverend Warnock, and all local and state officials who made today's historic announcement possible."

According to the Financial Times (https://www.ft.com/content/b6cd46de-52d6-4641-860b-5f2c1b0c5622), Georgia is second in the nation in new investments from the IRA's manufacturing incentives.

Earlier this year, Sen. Ossoff announced another $2.5 billion investment in solar manufacturing by Qcells in Dalton and Cartersville, incentivized by his solar manufacturing legislation within the IRA.

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Original text here: https://www.ossoff.senate.gov/press-releases/sen-ossoff-lg-energy-solutions-hyundai-to-build-4-3-billion-ev-battery-plant-in-georgia-create-3000-jobs/