The two companies signed a memorandum of understanding on the joint venture, called BlueOvalSK, to build a battery factory with 60 gigwatt hours (GWh) of production in the US by the mid-2020s.
The two companies plan to announce a memorandum of understanding on the joint venture later in the day, as South Korean President Moon Jae-in meets with U.S. President Joe Biden in Washington
"With the joint venture's factory construction, LG Energy Solution has secured additional EV battery production capacity in the U.S. and will actively target the rapidly growing U.S. EV market," LG Energy said
