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Investors - MARCH 26, 2020

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EIB signs €480m loan to support EV battery production in Poland

by Released

The European Investment Bank (EIB) has signed a €480 million ($519 million) loan agreement with LG Chem Wroclaw Energy, the Polish subsidiary of the LG Chem Group that was established to develop the group’s battery production facility in Europe.

The financing will be used for the construction and operation of highly automated and innovative manufacturing facilities for advanced lithium-ion cells and batteries for battery-powered electric vehicles. The EIB financing will cover around a third of the total project costs, estimated at €1.5 billion ($1.6 billion). The remainder will come from the company’s own resources and from other financing sources.

The additional manufacturing facilities will be located on the industrial site of LG Chem Wroclaw Energy in southwest Poland.

The EIB-backed project will have an annual production capacity of over 35 gigawatt hours, which can potentially power more than 500,000 zero-emission electric cars per year and therefor

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