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LG Energy Solution to Invest $3.1B in S.Korea Battery Facility

SEOUL, Dec 19 (Reuters) - South Korean battery maker LG Energy Solution said on Monday it plans to invest 4 trillion won ($3.1 billion) from this year to 2026 in a facility making batteries for electric vehicles and other goods.

The project in Ochang, South Korea, will include R&D and production facilities and related infrastructure, and is expected to add 1,800 employees, the company said in a statement.

"We plan to set up a diversified product portfolio including pouch-type and cylindrical batteries to respond to customer needs in a timely manner, and differentiate production capabilities based on a 'smart' factory," an LG Energy Solution spokesperson said.

($1 = 1,298.8400 won)

Reporting by Ju-min Park and Joyce Lee; Editing by Christopher Cushing and Edmund Klamann

Source: Reuters

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