In April this year, the Chinese company and LG Chem, from which LG Energy Solution spun off, announced that they would invest a total of $913 million by 2028 to build a precursor plant in the Saemangeum National Industrial Complex, North Jeolla Province. Another joint venture between LG Chem and Huayou Cobalt was the first overseas cathode manufacturing facility that went into operation in September 2020.