LG Energy Solution

Leads the future Eco-friendly energy industry by developing distinguished materials and next-generation batteries as the only chemical-based battery company in the world

#140

Rank

$98.59B

MarketCap

South Korea

Country

Summary

LG Energy Solution is a leading global provider of energy storage solutions for both residential and commercial customers. They are dedicated to providing innovative and reliable energy storage technology that helps customers reduce their energy bills, reduce their carbon footprint and increase their energy independence. 

They offer a range of energy storage products, from residential batteries to large-scale utility-scale projects. LG Energy Solution provides energy storage solutions for homes, businesses, and utilities, including their advanced LG RESU Lithium-ion batteries, the LG Chem RESU line of residential batteries, and their advanced LG ES-POWER commercial and utility-scale systems. 

Their products provide customers with reliable and cost-effective energy storage solutions. LG Energy Solution is committed to delivering clean, reliable, and affordable energy solutions that meet the needs of its customers.


History

LG Energy Solution (formerly LG Chem) was founded in 1947 in South Korea as the chemical division of Lucky Goldstar (LG), a large South Korean conglomerate. LG Chem is the oldest and largest chemical company in South Korea and is one of the world’s top ten chemical companies. LG Chem was initially involved in the production of synthetic rubber and plastics for the automobile and electronics industries, but since then has grown to become a leader in the production of energy storage solutions, such as lithium-ion batteries, as well as a variety of other chemicals and materials.

In 2008, LG Chem established a joint venture with General Motors to produce lithium-ion batteries for the Chevrolet Volt electric vehicle. In 2010, LG Chem expanded its automotive battery business to include the production of batteries for hybrid electric vehicles. In 2011, LG Chem opened its first battery production plant outside of South Korea in Holland, Michigan. The facility was previously owned by Dow Chemical and was purchased by LG Chem in order to produce batteries and components for the Chevrolet Volt.

In 2012, LG Chem opened a new battery production plant in Poland, and in 2013 opened an advanced battery research and development centre in Korea. In 2014, LG Chem opened a new battery production plant in China, and in 2015 opened another battery production facility in Nanjing, China. The company has also opened research and development centres in the United States, Europe, and Japan.

In 2016, LG Chem acquired a majority stake in SolarCity, a leading US-based solar energy company, in order to expand its energy storage solutions business. In 2017, LG Chem opened a new battery production plant in Michigan and announced plans for another new plant in Europe. In 2018, LG Chem acquired a majority stake in the battery and power electronics company, Sakti3.

In the first half of 2022, LG Energy Solution is ranked second in the world with a market share of 14 per cent according to SNE research. Today, LG Energy Solution is one of the world’s leading energy storage solution providers and is at the forefront of the development of advanced battery technology. The company is committed to providing clean and reliable energy storage solutions to help power a sustainable future.


Mission

"LG Energy Solution aims to become an eco-friendly company that puts the environment first, fulfils its social responsibilities, and creates sustainable future values in its business activities."


Vision

"Leading the future energy industry by developing Advanced Automotive Battery, Mobility & IT Battery, and ESS Battery enterprises, which are key for the green energy transition."


Recognition and Awards
Fortune Global 500 - LG Chem & LG Energy Solution Recognize Li-Cycle As North American Preferred Battery Recycling Partner 2022

References
LG Energy Solution
Products/ Services
Lithium-ion battery
Headquarters
Seoul,South Korea
Established
1947
Net Income
20M - 100M
Revenue
Above - 1B
Traded as
373220.KS
Social Media
Fri Mar 01 2024
About

businessabc offers a global business, SMEs wiki directory blockchain, NFTs, AI powered marketplace for businesses worldwide.

Follow Us
Produced by
In collaboration with
Logo

Copyright 2023 © businessabc powered by ztudium