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.