South Korea's LG Chem to invest $820 million to build battery cathode factory in US

The logo of LG Chem is seen at its office building in Seoul, South Korea, October 16, 2020. REUTERS/Kim Hong-Ji/File Photo

SEOUL (Reuters) - South Korea's LG Chem Ltd said on Friday it will invest $820 million to build a battery cathode material factory in the U.S. state of Tennessee.

Last year, the South Korean petrochemicals maker announced its plans to invest more than $3 billion through 2027 to build a battery cathode factory in Tennessee as it ramps up plans to meet the increasing demand for electric vehicle (EV) components.

($1 = 1,295.4800 won)

(Reporting by Heekyong Yang; Editing by Jacqueline Wong)