Dongwha Electrolyte, a subsidiary of Dongwha Enterprise, is entering the U.S. battery market as it starts to build a $70 million electrolyte plant in Clarksville, Tennessee, the company said Wednesday.
Korean rechargeable battery makers still appear to have long way to go to defeat Chinese rivals in the fast-growing global lithium iron phosphate (LFP) battery market, despite financial support from the Korean government and the U.S. Inflation Reduction Act (IRA), according to a report by a state-run economic think tank, Monday.
South Korean-based Dongwha Electrolyte USA Inc. will invest more than $70 million to establish their first U.S. manufacturing facility in Montgomery County, Tennessee, creating 68 new jobs.