QUEEN CREEK, AZ — South Korea-based LG Energy Solution Ltd was the sole bidder and winner of about 650 acres of state land in Queen Creek in a Tuesday morning auction. The company paid the minimum bid price of $84.44 million, or nearly $130,000 per acre.
The site is located on the northeast corner of Ironwood and Germann roads near Zimmerman Dairy Farm and CMC Steel Arizona southeast of Phoenix-Mesa Gateway Airport in Queen Creek.
LG, one of the largest lithium-ion battery producers in the world, confirmed last month its plans [bizjournals.com] to build a $2.8 billion battery manufacturing plant making up 1 million square feet, with a production capacity of 11 gigawatt hours.
Arizona Gov. Doug Ducey said the new facility is a "historic investment" that will support thousands of jobs in Pinal County and in Arizona.
News of LG's plans for Arizona comes as demand for batteries continues to soar across the globe to meet the demand for electric vehicle manufacturing.
Read more of this story from the Phoenix Business Journal.