LG Chem announced Monday that it will ramp up the production of carbon nanotubes by 1,200 tons a year. The South Korean chemicals producer is aiming to make an investment worth 65 billion won to expand the production capacity for carbon nanotubes at its Yeosu factory by the first quarter of next year. This will enable LG Chem to achieve production capacity of 1,700 tons every year.
With the conductivity level similar to that of copper, carbon nanotube is called the next-generation material as its hardness is 100 times stronger than steel. The emerging material is widely used in everything from batteries, semi-conductors, auto-parts to the fuselage of an airplane. In particular, carbon nanotubes are emerging as key material for the positive conductor in the lithium-ion batteries imbedded in electric cars. The nanotubes are also known to cut the amount of conductor material by 30%, allowing for boosting the capacity and the life span of lithium-ion batteries.
Despite the sluggish market sentiment from the COVID-19 outbreak, LG Chem is making aggressive investments to gain a first-mover advantage in global e-vehicle battery market by financing 700 billion won to expand the electric vehicle battery factories in Poland.
“We will further enhance the competitiveness of our products by applying carbon nanotubes to lithium-ion batteries more proactively while carving out new business opportunities in high value-added industry,” said an official from LG Chem.
Hyun-Seok Lim email@example.com