SEOUL, Jan. 9 (Korea Bizwire) — LG Energy Solution Ltd. (LGES), a South Korean major secondary battery maker, on Monday reported a weaker-than-expected operating profit for the fourth quarter of last year, though its 2022 income surpassed the 1 trillion won (US$801.92 million) mark for the first time. Operating profit for the October-December period jumped [...]
SEOUL, Dec. 19 (Korea Bizwire) — LG Energy Solution Ltd. said Monday it will spend 4 trillion won (US$3.07 billion) over the next five years to expand production and other facilities at its main domestic battery manufacturing complex in the country’s central region. The investment in the Ochang plant, located in Cheongju, North Chungcheong Province, [...]
SEOUL, Dec. 13 (Korea Bizwire) — LG Energy Solution Ltd. said Tuesday its joint venture with U.S. General Motors Co. has secured US$2.5 billion through a loan program approved by the U.S. government, funding that will help finance the construction of three electric vehicle battery plants in America. The U.S. Department of Energy (DOE) finalized [...]
SEOUL, Dec. 3 (Korea Bizwire) — LG Energy Solution Ltd.’s joint venture with U.S. General Motors Co. will invest an additional US$275 million for their electric vehicle battery plant under construction in the U.S. state of Tennessee. The additional investment by Ultium Cells LLC will help expand the facility’s output by more than 40 percent, [...]
SEOUL, Nov. 11 (Korea Bizwire) — South Korean battery maker LG Energy Solution Ltd. said Friday it has signed a binding agreement with a U.S. minerals provider for a long-term supply of a key lithium product used in electric vehicle (EV) lithium-ion batteries. The offtake agreement with Compass Minerals Inc. is for 40 percent of [...]
SEOUL, Oct. 26 (Korea Bizwire) — LG Energy Solution Ltd. (LGES), a major secondary battery maker, said Wednesday it shifted to the black in the third quarter from a year earlier on the back of robust demand in electric vehicle (EV) batteries and a weaker Korean won currency. LGES said it will continue its focus [...]
SEOUL, Oct. 20 (Korea Bizwire) — South Korean battery maker LG Energy Solution Ltd. (LGES) said Thursday it has signed a non-binding supply agreement with an Australian partner for a key mineral used in lithium-ion batteries. Under the memorandum of understanding with Syrah Resources Ltd., the Australian company will provide 2,000 tons of natural graphite [...]
SEOUL, Oct. 5 (Korea Bizwire) — LG Energy Solution Ltd. said Wednesday it has set up two independent in-house companies to accelerate battery swap and energy management services. It has launched KooRoo to take the lead in battery-as-a-service (BaaS), primarily focusing on the development of electric vehicle battery packs fit for replacement instead of charging, [...]
SEOUL, Sept. 23 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) said Friday it has signed supply agreements with three Canadian mineral companies to secure key raw materials used in lithium-ion batteries for electric vehicles. Under the arrangement with Electra Battery Materials Corp., the Toronto-based battery materials refiner will supply 7,000 tons of cobalt sulfate [...]
SEOUL, Aug. 3 (Korea Bizwire) — LG Energy Solution Ltd. said Wednesday it will run its global production sites only on renewable energy starting in 2025 as part of efforts to achieve the goals for sustainable growth. All battery production facilities in South Korea, North America, Europe and China will operate on 100 percent renewable [...]