LG Energy Solution establishes two battery ventures

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LG Energy Solution establishes two battery ventures

Published: 05 Oct. 2022, 12:48

LG Energy Solution booth during a 2021 battery exhibition in Seoul [YONHAP]

LG Energy Solution established two battery ventures in an effort to expand its business portfolio.

The ventures, KooRoo and AVEL, will operate under their own management as a "company in a company."

KooRoo will run a battery-as-a-service (BaaS) business, which involves battery leasing and swapping and energy storage systems (ESS). Being able to evaluate the remaining value of used batteries is considered a key step toward succeeding in the market.

The BaaS business will later help the company develop technologies to manufacture electric two-wheeled vehicles.

AVEL will handle an energy-as-a-service (EaaS) business and will develop key systems to utilize energy that is stored in energy storage systems on Jeju Island.

"We anticipate that the two companies will raise customer value by making innovative decisions and challenges, unafraid of failing," said LG Energy Solution CEO Kwon Young-soo.

BY SARAH CHEA [chea.sarah@joongang.co.kr]