According to the South Korean media, LG Chem just received another huge loan for its lithium-ion battery gigafactory in Poland.

Three banks - Korea Development Bank (KDB), Export-Import Bank of Korea (Korea Eximbank) and Nonghyup Bank - reportedly offered some €550 million for the project, which in total will cost €1.5 billion ($1.65 billion).

In March, we reported that LG Chem secured a €480 million ($527 million) loan agreement with the European Investment Bank (EIB) for 35 GWh out of 65 GWh total. A few weeks earlier, the company also acquired a nearby Turkish television assembly plant for about $31.4 million with an intention to re-purpose it for battery production.

In the near future, LG Chem is expected to increase its lithium-ion cell capacity beyond 100 GWh annually.

LG Chem plants: