Seoul, Mar 24 : LG Energy Solution Ltd (LGES) said on Friday it will invest 7.2 trillion won ($5.56 billion) to build what will be its second standalone battery manufacturing site in the United States, sticking to its earlier plan after a period of reconsideration.

LGES will spend 4.2 trillion won to build a cylindrical battery plant in Queen Creek, Arizona, that targets an annual production capacity of 27 gigawatt hours, equivalent to powering 350,000 all-electric cars, the company said in a release.

LGES runs an independent battery plant in Michigan. It will invest 3 trillion won to build a separate facility on the same site to produce lithium iron phosphate (LFP) batteries for energy storage systems (ESS), with an annual production capacity of 16 GWh, reports Yonhap news agency.