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LG Energy Solution

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LG Energy Solution, Ltd.
Native name
주식회사 엘지에너지솔루션
Company typePublic subsidiary
KRX: 373220
FoundedDecember 1, 2020; 4 years ago (2020-12-01)
Headquarters
Seoul
,
South Korea
Key people
Kwon Young-soo (chairman)
ProductsLithium-ion battery
ParentLG Chem (81%)
Websitewww.lgensol.com

LG Energy Solution Ltd. (LGES; Korean: 주식회사 엘지에너지솔루션) is a battery company headquartered in Seoul, South Korea. LGES is one of the largest battery makers in the world alongside CATL, Panasonic, SK Innovation, and Samsung SDI.[1]

History

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LG Chem Energy Solution Business Division (1992–2020)

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LG Chem started a battery business after LG Group chairman Koo Bon-moo visited the United Kingdom Atomic Energy Authority office in 1992. After the visit, Koo brought rechargeable battery samples and began research into the emerging technology. LG Chem produced Korea's first lithium-ion battery in 1999 and began supplying automotive batteries for the Chevrolet Volt produced by General Motors in the late 2000s. Later, the company became a battery supplier to global car makers, including Ford, Chrysler, Audi, Renault, Volvo and SAIC Motor.[2][3]

LG Energy Solution (2020–present)

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In September 2020, LG Chem announced that it would spin off its battery business to cope with growing demand from global automotive manufacturers. LG Chem's battery business officially became a separate company and changed its name to LG Energy Solution Ltd. in December 2020.[4] It subsequently undertook an IPO process to secure funds in order to increase its battery production capacity and debuted on the Korea Exchange in January 2022.[5][6] In the first half of 2022, LG Energy Solution is ranked second in the world with a market share of 14 per cent according to SNE research.[7] LG Energy Solution, 15 Oct. 2024 it has signed deals to supply batteries for Ford Motor Co.'s commercial vehicles[8] .

Controversies

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According to General Motors, manufacturing defects in batteries supplied for Chevrolet Bolt caused 13 confirmed battery fires. The faulty batteries were produced in LGES plants in South Korea and Michigan, and GM pursued reimbursement from LG. In the end, LGES and LG Electronics agreed to pay GM up to $1.9 billion for the recalls on every car produced since 2016.[9][10]

See also

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References

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  1. ^ Yang, Heekyong; Shirouzu, Norihiko (March 9, 2022). "Contracts shield Asia's EV battery makers from nickel surge, for now". Reuters. Seoul/Beijing.
  2. ^ Seo, Ji-eun (May 20, 2018). "Koo Bon-moo brought LG into 21st century". Korea Joongang Daily.
  3. ^ Yang, Heekyong (December 7, 2021). "Factbox: LG Energy Solution, the battery maker behind S.Korea's biggest IPO". Reuters. Seoul.
  4. ^ Kim, Eun-jung (December 1, 2020). "LG Energy Solution sets sail to target growing EV market, but challenges lie ahead". Yonhap. Seoul.
  5. ^ Kim, Eun-jung (January 29, 2021). "LG Energy Solution accelerates IPO push as it picks lead managers". Yonhap News Agency. Seoul.
  6. ^ "LG Energy Solution: Battery giant jumps in market debut". BBC. January 27, 2022.
  7. ^ "2022 1H Global[1] EV & Battery Performance Review". SNE research. Retrieved 1 October 2022.
  8. ^ "LG Energy wins deals to supply EV batteries for Ford". Yonhap News. 2024.
  9. ^ Wayland, Michael (October 12, 2021). "LG to pay up to $1.9 billion to General Motors over Bolt EV battery fires". CNBC.
  10. ^ Kim, Seung-yeon (October 13, 2021). "LG units to repay GM 1.4 tln won for Bolt EV battery recall costs". Yonhap News Agency. Seoul.
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  • Official website
  • Business data for LG Energy Solution:
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