LG Energy Solution to set up a new EV battery plant in Europe.
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LG Energy Solution to set up a new EV battery plant in Europe.

LG Energy Solution is also looking for a site in Asia to set up an EV battery plant.

South Korea-based EV battery manufacturer LG Energy Solution announced its future plans for battery production. The company revealed that it would add a new production unit for cylindrical cells in Europe to cope with increasing demand.

In addition to the existing production facilities in Korea and China, LGES is also looking for a new production site in Asia.

LGES is expecting its fastest growth in North America. The company is planning to increase its production capacity in North America. Currently, only 7% of its total production capacity is in North America. LGES aims to increase the production capacity in North America to 45% by 2025.

LGES plans to have a balanced global operation portfolio of 45% in North America, 35% in Asia, and 20% in Europe.

LG Energy Solution produces both pouch-type batteries and cylindrical batteries. For pouch-type batteries, LGES plans to expand JV partnerships with its major partners, and for cylindrical batteries, it plans to start supplying to new start-ups too.

The company will soon start producing the new 4680 cells for Tesla. In addition, it will focus on developing next-generation battery technologies such as polymer-based solid-state batteries and sulfide-based solid-state batteries. The company is also planning to introduce new business models such as BaaS (Battery as a Service) model and EaaS (Energy as a Service) model.

Also Read: Northvolt partners with Stora Enso to develop wood-based batteries.

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