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Natural Gas Outlook Mixed Amid Volatile European Markets

Natural Gas Outlook Mixed Amid Volatile European Markets

StanChart has predicted that whereas…

Battery Firm LG Energy Solution Prepares $1-Billion Green Bond

South Korean battery manufacturer LG Energy Solution looks to raise as much as $1 billion from the issue of two dollar-denominated green bonds, sources with knowledge of the plans told Reuters on Tuesday.

An official at the company told Reuters that LG Energy Solution had not decided yet on any specific regarding the scale of a green bond issue.

Citigroup, Morgan Stanley, Bank of America, Standard Chartered, and the Korea Development Bank are working on the possible bond issue, according to a term sheet Reuters has seen.

In a previous statement to Reuters, an official at LG Energy Solution said,

“A final decision on specifics including whether to issue corporate bonds is set to be made after closely examining the market situation with the five joint lead managers.”

LG Energy Solution is working with GM to build battery manufacturing capacities in the United States as the U.S. seeks to develop a strong domestic EV battery industry to boost EV adoption.

At the end of last year, the U.S. Department of Energy (DOE), through its Loan Programs Office (LPO), announced the closing of a $2.5-billion loan to Ultium Cells LLC – a joint venture between General Motors and LG Energy Solution – to help fund the construction of new lithium-ion battery cell manufacturing facilities in Ohio, Tennessee, and Michigan.

The three new manufacturing facilities in Ohio, Michigan, and Tennessee are expected to create 6,000 construction jobs and 5,100 operations jobs, DOE said in December 2022.


Separately, South Korea announced earlier this year a $5.32-billion financial support package aimed at helping the country’s battery makers invest in infrastructure in North America over the next five years. The initiative is intended to help South Korean firms capitalize on the Inflation Reduction Act, which requires automakers to source 50% of critical EV battery resources from the U.S. or a U.S. free-trade partner to qualify for new federal incentives.

By Tsvetana Paraskova for Oilprice.com

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