LS M&M to Invest 1.16 Trillion KRW in Secondary Battery Material Factory Construction in Saemangeum

LS Group, Cumulative Investment of 2.2 Trillion Won in Saemangeum Industrial Complex

The Saemangeum Development Agency, Jeollabuk-do Province, Gunsan City, and Korea Rural Community Corporation announced on the 29th that they signed an 'Investment Agreement (MOU) for the Establishment of a High-Purity Metal Compound Manufacturing Facility for Secondary Batteries' with LS MnM.

Photo by Saemangeum Development Agency

The signing ceremony was attended by Kim Kyung-an, head of the Saemangeum Development Agency; Kim Kwan-young, governor of Jeollabuk-do; Kang Im-jun, mayor of Gunsan; Do Seok-gu, CEO of LS MnM; and Koo Dong-hwi, Chief Operating Officer (COO) of LS MnM.

LS MnM is a key affiliate of the LS Group, which possesses world-class technology in metal extraction and refining. The company plans to start construction of a factory in the first half of 2026 in Section 5 of the Saemangeum Industrial Complex to produce 40,000 tons of nickel sulfate, enough to supply 800,000 electric vehicles. The investment amount is 1.16 trillion KRW, and 298 new employees will be hired.

Previously, in August last year, LS Group promised a total investment of 1.8402 trillion KRW in the Saemangeum Industrial Complex and signed an investment agreement with LS L&F Battery Solution as the first phase of investment. This investment agreement is the second phase, promised to be signed within the year, with the scale increased by 369.1 billion KRW compared to the original plan.

The complex factory to be invested in Saemangeum will apply proprietary technology developed by the LS MnM Technology Research Institute and will be connected with the precursor process of LS L&F Battery Solution to enhance production efficiency.

As a result, the total investment by LS Group in the secondary battery materials sector in the Saemangeum Industrial Complex has reached 2.2093 trillion KRW. Saemangeum has achieved the largest investment attraction in the manufacturing sector to date.

Kim Kyung-an, head of the agency, said, "With this investment agreement, LS Group has recorded the largest investment in the manufacturing sector in Saemangeum's history. We will do our best to create a business-friendly environment in the Saemangeum Industrial Complex so that companies can settle in early."

CEO Do Seok-gu stated, "The investment in high-purity metal compound facilities for secondary batteries, which will take place in Saemangeum, a major hub for LS Group's secondary battery business, will further strengthen competitiveness through proprietary technology development. Through this investment, the value chain of K-battery is expected to expand, and it will greatly contribute to the local economy. We will continue to enhance the company's value through ongoing technology development and investment."

Meanwhile, with this investment agreement, the cumulative investment attraction in the Saemangeum Industrial Complex since the current government took office has reached 8.655 trillion KRW.