LG Energy Solution

MARYSVILLE, Ohio, October 11, 2022 – Honda and LG Energy Solution (LGES; KRX: 373220) today announced that their new joint venture (JV) battery plant will be located in Fayette County, Ohio, about 40 miles southwest of Columbus, where the two companies will commit to investing $3.5 billion and creating 2,200 jobs, pending final government approvals. The companies’ overall investment related to the JV is projected to reach $4.4 billion.

LG Energy Solution (LGES;KRX: 373220) today signed separate partnership agreements with three major critical mineral suppliers in Canada.

LG Energy Solution (LGES; KRX: 373220) and Honda Motor Co., Ltd. (NYSE:HMC) today announced an agreement to establish a joint venture (JV) company to produce lithium-ion batteries in the U.S. to power Honda and Acura EV models for the North American market.

LG Energy Solution announced its plan to achieve RE100 at all of its global production sites by 2025. In its ESG Report 2021, which was published today, the company stated that it will complete its conversion to RE100 across all its global battery manufacturing sites (in Korea, North America, Europe, China, etc.), which means they will run entirely on renewable energy.

LG Energy Solution (LGES; KRX: 373220) today announced its mid to long term corporate strategies, withthe goal of more than tripling revenue in five years and achieving double-digit operating profit margin. The company also increased the annual revenue target to KRW 22 trillion.

LG Energy Solution reported tentative consolidated revenues of KRW 5.0706 trillion in the second quarter with an operating profit of KRW 195.6 billion. The company’s revenue is expected to increase by 16.8 percent and the operating profit is likely to drop 24.4 percent from the previous quarter. Compared to the same period last year, the company’s revenue is expected to decrease by 1.2 percent and the operating profit by 73 percent.

LG Energy Solution (LGES; 373220) is branching out in its efforts to secure supply chain of materials as it ramps up its battery production to satiate the growing market demand.
LGES today announced that it has signed a non-binding Memorandum of Understanding (MoU) with Compass Minerals (NYSE: CMP), a leading provider of essential minerals,critical to producing battery-grade lithium.

LG Energy Solution (LGES; KRX: 373220) today announced that the company is investing KRW 1.7 trillion for the construction of a new cylindrical battery factory in Queen Creek, Arizona. The newly announced plant will be the first ever cylindrical-type battery manufacturing plant in North America, solely invested by the Korean battery manufacturer.

LG Energy Solution (LGES; KRX: 373220) today announced the launch of its Advisory Council on Artificial Intelligence (AI). Joining forces with leading scholars specializing in AI technology, the Advisory Council is expected to play a major role in LGES’s digital transformation and the establishment of a manufacturing intelligence platform.

LG Energy Solution (LGES; 373220) is expanding its joint battery research programs with leading institutions across the world as it aims to drive next-generation battery technology amid the fast-changing industry. LGES today announced that it is partnering up with academic organizations in Germany. The company will be working with Münster Electrochemical Energy Technology (MEET) of University of Münster and Helmholtz Institute Münster (HI MS) of Forschungszentrum Jülich.