Georgia Department of Economic Development (GDEcD) Commissioner Pat Wilson issued the following statement regarding the news that SK Innovation and LG Energy Solution have reached a settlement agreement, which will enable SK Innovation to continue development on its battery manufacturing plant in Jackson County, Georgia.

“We are ecstatic to hear of the settlement between SK Innovation and LG Energy Solution, which is a positive outcome for all parties. When fully operational, SK’s new battery plant in Commerce, Georgia, will not only provide clean energy jobs for thousands of Georgians, changing lives and livelihoods across the region, but will also help the United States continue to become a leader in electric mobility. Georgia’s incredible economic development success continues to gain momentum, and we remain 100% committed to developing the entire electric vehicle supply chain right here in our state. We look forward to the thousands of direct and indirect jobs this and other future projects will bring as we fulfill our mission of creating opportunities for Georgians.

The two South Korean electric-vehicle battery makers reached a last-minute settlement in a bitter U.S. trade dispute, sparing President Joe Biden from having to step in ahead of his April 11th deadline. LG Energy had accused SK Innovation of stealing valuable trade secrets regarding electric vehicle batteries. This agreement includes withdrawing all lawsuits and both companies agree not to take any legal action against each other for the next 10 years. SK Innovations agreed to pay LG Energy Solution 2 trillion Won, the equivalent of 1.8 billion dollars in the settlement.

“I’d like to give special thanks to Governor Brian Kemp for his tireless support throughout this process, to the Office of the United States Trade Representative who helped facilitate the negotiations, and to Korean Consul General in Atlanta, Young-jun Kim, for his partnership.”