A few weeks ago it became clear that electronics giant LG Electronics will split off their battery business from LG Chem into a new company named LG Energy Solution. On October 30, an extraordinary shareholder meeting will be held. According to rumors, LG Energy Solutions will be launched on December 1. This move will enable LG to invest in the highly capital intensive expansion of its battery growth plan.
The battery business of LG does not only include the production of battery cells, but also the packaging into modules and packs. In this step, the individual battery cells are connected to a larger battery to ultimately serve their purpose in mobile or stationary storage applications.
It is unclear when the shift of the battery pack assembly of the South Korean company from its vehicle component solutions department to LG Chem will be finished. The vehicle component solutions department’s purpose is to focus on the vehicle electrical equipment business.
Find out more about the battery business of LG Chem.