LG Energy Solution - Honda, taking the first step toward 'L-H Battery Company', a US joint venture of 5 trillion won
This article is translated by AI company Flitto and Newsroom neural machine translation technology
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stockmk2020@alphabiz.co.kr | 2023-01-16 02:30:23
LG Energy Solution, South Korea's largest battery maker, will start battery collaboration with Japanese automaker Honda in the U.S. in earnest. This is the first strategic cooperation between Korean battery makers and Japanese automakers, and is expected to produce 500,000 batteries per year.
LG Energy Solutions announced on the 13th that it has officially established 'L-H Battery Company', a US battery joint venture with Honda. Earlier, the two companies invested a total of $ 4.4 billion (5.4,626 trillion won) in a joint venture. The stake is 51% for LG Energy Solutions and 49% for Honda.
L-H Battery Company appointed Lee Hyuk-jae, vice president of LG Energy Solutions North America, as its first CEO. Rick Riggle, a former leader of Honda's Anna engine plant in Ohio, was appointed as chief operating officer (COO).
The new plant of L-H Battery Company will be built near Jeffersonville, Ohio, USA. Construction of a new plant will begin next month and be completed by the end of 2024, and battery cells and modules will be mass-produced by the end of 2025.
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