LG Energy Solution cites reliability as top priority

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LG Energy Solution cites reliability as top priority

 LG Energy Solution (LGES) considers consumer reliability its top priority for the next 100 years. Since LGES took the first step as a pioneer in Korea’s rechargeable battery business in 1992, it took 30 years for the company to be listed on the stock market. “The listing marked the start of the next 100 years, rather than the conclusion of the past 30 years of growth,” said CEO Kwon Young-soo at a ceremony for the firm's listing on the benchmark KOSPI on Jan. 27.
LG Energy Solution expects to become a world-class battery company [LG ENERGY SOLUTION]

LG Energy Solution expects to become a world-class battery company [LG ENERGY SOLUTION]

 LGES marked many records for ‘the first time, the best, and the most’ during the IPO process. The amount of public offering in the securities market surpassed 10 trillion won for the first time, and it also recorded the highest competition of 2023 to 1 in forecasting demand for domestic and foreign institutional investors. In the public offering subscription for general investors, over 114 trillion won in subscription deposits were collected — a record high. It means that more expectations are focused than ever before on the leading company in the Korean battery industry.
LGES operates R&D centers in Korea, China, the United States and Europe with 3,300 R&D workers around the world. It has invested 5.3 trillion won in R&D over the past decade while holding 22,900 patents in the main field of materials, processes and core technologies. An official from the battery industry said, "On top of cells, we have various intellectual property rights (IP) such as battery packs and battery management systems.”
LGES has plenty of the world’s first technologies and products including double layer coating technology that reduces battery charging speed, high-nickel NCM cathode materials, and silicon anode materials. Moreover, the company has a variety of platforms ranging from small to large with different shapes that can meet customer demand.
The company announced its plan to build a third joint venture with GM, the No. 1 U.S. automobile company, on Jan. 25. It is a large production plant with a total investment amount of 3 trillion won and annual production of 50 GWh. LGES has the largest number of global production systems among global secondary battery companies. Along with the GM joint plant, LGES is operating battery production plants for electric vehicles in five countries, including Korea, North America, China, Poland and Indonesia. It will invest 5.6 trillion won in North America, 1.4 trillion won in Europe and 1.2 trillion won in China by 2024. Some 645 billion won will be invested in Korea by 2023.
In addition, LGES is spurring Environmental, Social, Governance (ESG) management activities as a global company. The company previously joined RE 100 and EV100 at the same time for the first time for a company in its field. 

BY HAJIN KIM (kim.hajin@joongang.co.kr)
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