LG Energy Solution Ltd. (LGES;Korean: 주식회사 엘지에너지솔루션) is a battery company headquartered inSeoul, South Korea. LGES is one of the largest battery makers in the world alongsideCATL,Panasonic,SK Innovation, andSamsung SDI.[1]
In September 2020, LG Chem announced that it would spin off its battery business to cope with growing demand from global automotive manufacturers. LG Chem's battery business officially became a separate company and changed its name to LG Energy Solution Ltd. in December 2020.[4] It subsequently undertook an IPO process to secure funds in order to increase its battery production capacity and debuted on theKorea Exchange in January 2022.[5][6]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.[7] LG Energy Solution, 15 Oct. 2024 it has signed deals to supply batteries for Ford Motor Co.'s commercial vehicles.[8]
According to General Motors, manufacturing defects in batteries supplied forChevrolet Bolt caused 13 confirmed battery fires. The faulty batteries were produced in LGES plants in South Korea andMichigan, and GM pursued reimbursement from LG. In the end, LGES andLG Electronics agreed to pay GM up to $1.9 billion for the recalls on every car produced since 2016.[9][10]
