SEOUL (Reuters). South Korea’s LG Energy Solution plans to invest $2.1 billion in General Motors (NYSE) in order to construct an electric vehicle battery plant. This was announced by parent company LG Chem on Tuesday.

LGES, GM and Ultium Cells will jointly fund the project, which is their U.S.-based joint venture for battery manufacturing, LG Chem reported.

LGES refused to give any details about the site or the production capabilities of the new facility.

Reuters published December’s report that GM proposed to build a battery plant worth $2.5 billion near Lansing in Michigan with LGES.

LGES controls more than 20% in the global electric car battery market. It supplies Tesla Inc (NASDAQ:) and Volkswagen AG (OTC) as well as Hyundai Motor Co.

Already, it is building two plants in Ohio and Tennessee with GM to produce 70 GWh batteries. This could be enough power for about 1,000,000 EVs by 2024.

LGES operates production facilities in America, China, South Korea and Poland.

The company announced the news ahead of its market debut this week, after launching South Korea’s largest ever IPO.

The IPO attracted bids of $12.8 trillion from institutional investors and $96 Billion from retail investors.

LGES is South Korea’s third most valuable company. It will be valued at 70.2 trillion won ($58.57billion) by the IPO.

($1 = 1,198.5800 won)