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2 clusters · 8 sources · 1 days · First seen 21 days ago · Last updated 20 days ago

LG Energy Solution North American expansion

Overview

LG Energy Solution is expanding its North American supply chain and production capabilities, supported by record financial performance. The company recently reported quarterly revenue of approximately 9.64 trillion won, a 59 percent increase from the previous year. This growth is attributed to strong electric vehicle battery shipments in Europe and significant demand for energy storage systems (ESS) in North America.

To secure its raw material supply, the company entered into a multi-year binding offtake agreement with Elevra Lithium. This deal provides 240,000 dry metric tonnes of spodumene concentrate from the North American Lithium project in Quebec, Canada, over a four-year period. This supply is estimated to be convertible into 30,000 tons of lithium hydroxide, sufficient to produce batteries for roughly 700,000 high-performance electric vehicles.

The company is integrating these materials into its North American network, which includes facilities such as NextStar Energy in Windsor, Canada, and various joint ventures in the United States. LG Energy Solution aims to expand its North American ESS LFP battery production capacity to over 50GWh by the end of the year, with North American ESS production expected to double in the second half of the year.

Financial results show that even when excluding 416.9 billion won in North American production subsidies from the Inflation Reduction Act, the company recorded an operating profit of 339.1 billion won.

Entities

LG Energy Solution · Elevra Lithium · Nouryon · Quebec · Lucas Dow

Claims

What the coverage asserts, and how many sources carry each claim.

[● 5 SOURCES] LG Energy Solution signed a long-term supply agreement with Elevra Lithium for 240,000 tons of lithium concentrate.
[● 5 SOURCES] The lithium concentrate supply will last for four years starting from the end of this year.
[● 5 SOURCES] The 240,000 tons of lithium concentrate can be converted into approximately 30,000 tons of lithium hydroxide.
[● 5 SOURCES] The secured lithium is sufficient to produce batteries for approximately 700,000 high-performance electric vehicles.
[● 5 SOURCES] The lithium concentrate will be produced at the North American Lithium (NAL) mine in Quebec, Canada.
[● 5 SOURCES] The company plans to expand its North American LFP battery production capacity for ESS to over 50GWh by the end of this year.
[○ 1 SOURCE] LG Energy Solution reported Q3 preliminary revenue of 9.6434 trillion won and operating profit of 756 billion won.
[○ 1 SOURCE] Excluding North American production subsidies (AMPC), LG Energy Solution's Q3 operating profit was 339.1 billion won.

Timeline

20 days ago

[BUSINESS] 5 sources
LG Energy Solution secures 240,000 tons of Canadian lithium concentrate
LG Energy Solution signed a multi-year deal with Elevra Lithium for 240,000 tons of Canadian lithium concentrate to bolster its North American battery and ESS supply chains.
21 days ago

[BUSINESS] 3 sources
Energy sector updates: New solar project in Illinois and LG Energy Solution record revenue
Convergent Energy and Power launched a 2MW solar system for Nouryon in Illinois, while LG Energy Solution reported record revenue driven by EV battery and energy storage system growth.

Sources

bestmag.co.uk · energy-news.co.kr · insideevs.com · koreaherald.com · meeco.kr · newstomato.com · offshoresource.com · ohsem.me

This summary has been updated 1 time: see revision history