The largest Korean chemical company and headquartered in Seoul, South Korea, LG Chem Ltd, announced on Tuesday that it is planning to invest over $418.52 million by the year 2025 to construct a cathode material production plant for batteries in Gumi, South Korea.

The company said in a statement that “the plant will help LG Chem to reserve the cathode material production of around 60,000 tonnes every year, and when completed, it will be one of the largest cathode material plants in the world.”