LG Energy Solution
South Korean battery maker
From Wikipedia, the free encyclopedia
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, with its product applications including electric vehicles and ESS.[1]
 | |
Native name | 주식회사 엘지에너지솔루션 |
|---|---|
| Company type | Public subsidiary |
| KRX: 373220 | |
| Founded | December 1, 2020 |
| Headquarters | , South Korea |
Key people | Kwon Young-soo (chairman) |
| Products | Lithium-ion battery |
| Parent | LG Chem (81%) |
| Website | www.lgensol.com |
History
LG Chem Energy Solution Business Division (1992–2020)
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)
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] It was South Korea's biggest IPO at that point.[7] In the first half of 2022, LG Energy Solution was ranked second in the world in market share, with 14 per cent according to SNE research.[8] On 4 September 2025, United States Immigration and Customs Enforcement detained 300 South Korean workers during a raid of Hyundai Motor Group Metaplant America, sparking an array of responses from South Korean leaders.[9]
Partnerships
Joint Ventures
| Name | Partner companies | Establishment date | Dissolution date | LG ownership share (%) | Initial investment
(USD) |
Ref. |
|---|---|---|---|---|---|---|
| Ultium Cells LLC | General Motors | December 2019 | 50 | 2.3 billion | [10][11][12][13] | |
| NextStar Energy | Stellantis | March 2022 | February 2026 | 51 | 4.1 billion | [14][15][16] |
| L-H Battery Company | Honda | January 2023 | 51 | 3.5 billion | [17][18] | |
| HL-GA BATTERY COMPANY | Hyundai Motor Company | May 2023 | 50 | 4.3 billion | [19][20] | |
| LG-HY BCM | Zhejiang Huayou Recycling Technology | August 2023 | [21][22] | |||
| Toyota Tsusho | ||||||
| Derichebourg | April 2025 | 50 | [23] | |||
| Green Metals Battery Innovations | Toyota Tsusho | June 2025 | 49 | [24] |
Supply Agreements
| Client | Agreement date | Deal value (USD) | Supply start date | Original contract duration/Supply end date | Termination date | Forecasted supply (GWh) | Ref. |
|---|---|---|---|---|---|---|---|
| Toyota | October 2023 | ~3 billion | 2025 | 20 | [25] | ||
| Ampere (company) | July 2024 | 2025 | 5 years | 39 | [26] | ||
| Aptera Motors | January 2025 | 499.2 million | 2025 | 2031 | 4.4 | [27] | |
| O&J Automotive Netherlands | June 2025 | [Note 1] | 2026 | 6 years | 8 | [28] | |
| Tesla, Inc. | July 2025 | $4.3 billion | 2026 | 2030 | [29] | ||
| Ford Motor Company | October 2024 | 2026 | 4-6 years | December 2025 | 109 | [30][31] | |
| Mercedes-Benz Group | October 2024 | 2028 | 10 years | 50.5 | [32] | ||
| September 2025 | 2028 | 2035 | 32 | [33] | |||
| 2029 | 2037 | 75 | |||||
| December 2025 | 1.4 billion | 2028 | 2035 | [34] |
Controversies
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.[35][36]
