European Bank grants EUR 250 mln loan to LG chem car battery maker

The European Bank for Reconstruction and Development (EBOR) granted a long-term loan of EUR 250 million to electric car battery maker LG Chem to support the construction of a battery factory in Wrocław, southwestern Poland, EBOR said on Thursday.

The total value of the investment is EUR 2.8 billion. When completed in 2022, the factory is expected to reach a production capacity of around 65-70 GWh a year.

The loan will allow the company to supply batteries for up to 1 million electric vehicles per year, resulting in a reduction of over 1 million tonnes of CO2 emissions per year.

The bank reported on its website that the plant in Wroclaw plans to hire an additional 1,000 skilled employees by 2022.

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