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Plan to expand its own production capacity to 75GWh in its own factory
Promotion of the construction of the second plant of the joint venture of GM Ultium Selzdo
Interpretation of “A message to the industry, aiming for SK Innovation at the crossroads of American business
Employees at LG Energy Solution’s battery factory in Michigan, USA, are checking the products. LG power solution provided
LG Energy Solutions is making large-scale investments in the US Batteries are generally invested jointly with automakers, but LG Energy Solutions plans to invest at least 5 trillion won on its own. It is aimed at electric vehicle start-up and energy storage (ESS) companies in the United States, where it is difficult to establish a joint venture. Additionally, a paving stone is interpreted to be laid to eliminate concerns about a battery shortage in the US without SK Innovation by increasing production capacity.
“Discover the growing US battery market”
LG Energy Solutions announced on the 12th that “to lead the green industry in the United States, we will invest more than 5 trillion won by 2025 and increase our own production capacity in the United States to a total of 75GWh, including the current Power Plant. Michigan (5GWh) “.
This is a move targeting the US electric vehicle market, which is expected to grow rapidly. Goldman Sachs raised its outlook for the US electric vehicle market in December of last year. Before President Biden’s election, the forecast was 1.5 million in 2025, 4 million in 2030, and 6.6 million in 2035, and recently, the forecast has increased to 2.4 million, 4.8 million, and 8 million, respectively.
Wood McKinsey, a global energy consulting firm, predicts US demand for ESS will rise from 1.5GWh last year to 7GWh in 2025. Some forecast that actual demand will rise dramatically due to the recent cold snap in Texas in the US
Cylindrical battery from LG Energy Solution. LG power solution provided
Consequently, LG Energy Solutions can be interpreted as choosing to invest independently, not in a joint venture with an automobile manufacturer. Since the second half of last year, LG Energy Solutions has been promoting the ‘Green Field Project (a method of securing a site by yourself and building a factory)’, and has decided to select at least two candidate sites in the US. In the first half of this year.
Additionally, the number of battery orders being supplied to US electric vehicle startups such as Rosetown Motors and Pro Terra is known to have already increased significantly. Thanks to the use of these startups, the new plant plans to produce new cylindrical batteries for electric vehicles that until now had not been produced in the United States.
An LG Energy Solutions official said: “By dissolving concerns about shortage of battery supplies in the US market, we look forward to gaining momentum to win large-scale US-related projects with global automakers and ESS companies “.
A view of Ultium Cells, a joint venture between LG Energy Solutions and GM, at the Ohio plant in the US LG’s power solution provided
GM joint venture builds second plant and produces next-generation batteries
LG Energy Solutions also announced that it is actively considering additional investments in Ultium Cells, a joint venture with GM. Currently, a 35GWh plant is being built in Ohio, USA, and plans to determine the size and investment site of the second plant in the first half of the year with GM. The plant will produce next-generation advanced technology batteries on a scale similar to the number one plant in Ohio.
This investment is aimed at supplying stable batteries for future GM electric vehicles. GM plans to launch more than 30 global electric vehicle models by 2025 and sell more than 20 of them in North America. In addition, the share of electric vehicle sales during the same period is also forecast to increase to 40%.
LG Energy Solutions’ US large-scale investment plan is believed to include the intent to contain SK Innovation, which fights trade secret infringement in the industry.
An industry insider said: “LG Energy Solution’s decision to increase its own production capacity may be a move towards some claims that SK Innovation’s business in the US is unavoidable due to battery shortages.” . intention to reassure the United States government against the logic of SK, “he said.
Kim kyung-jun reporter [email protected]
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