Sector News

Officially Launching of “LG Energy Solution”

December 6, 2020
Chemical Value Chain

The world’s top battery company ‘LG Energy Solution’ was officially launched. Regarding this, LG Energy Solution held its inaugural assembly and board meeting on the 1st and announced that it appointed Kim Jong Hyun as its first president.

President Kim Jong Hyun joined LG Household & Health Care in 1984 and then went on to serve at the LG Group Chairman’s Office, head of the LG Chem Rubber/Specialty Polymers Division, head of the IT & New Application Battery Division, and head of the Advanced Automotive Battery Division, and finally the president of the Energy Solution Company in 2018, placing the battery division at the unrivaled number 1 position in the world.

President Kim said in his launching address, “LG Energy Solution pioneered with an unwavering challenging spirit for the Korean battery industry, in which the said industry was practically nonexistent, and overcame many concerns and difficulties, and recently became the first to pave the foundation for creating structural profits in the EV battery business before any other competitor.”

He added, “We have now successfully spun off the company to reach for higher dreams and have now set out on a great voyage.”

He then added with emphasis, “This voyage is the path of LG Energy Solution to become a leading eco-friendly company that provides higher value than expected with the best technologies and quality, while innovatively improving quality of life for humanity, and more importantly, the way to give the greatest value for every one of our members who grow together with the company and feel a sense of pride.”

He added, “The achievements that we have made so far are greater than you think, and I ask that you believe in this power and confidently open the doors to the future.”

The new corporation was named ‘LG Energy Solution’ and its name represents ‘a specialized company that offers various solutions for energy to create a better world.’

LG Energy Solution employs approximately 22,000 people (approximately 7,000 in Korea and 15,000 abroad) globally and it has a global business system comprised of production bases in Ochang of Korea, Michigan of the USA, Xingang/Binjiang of China, and Wroclaw of Poland, and R&D tech centers in Daejeon of Korea, Troy of the USA, Nanjing of China, and Frankfurt of Germany.

The expected revenue of this year is estimated at 13 trillion, and plans are to achieve 30 trillion KRW in sales by 2024 to become the ‘world’s best energy solutions company.’

For this, LG Energy Solution plans to expand investments at the right time and place to strengthen its business competitiveness and lead the market using advanced process technologies such as innovative high-performance products and smart factories.

Furthermore, it also plans to become equipped with distinguished competitiveness in the E-Platform sector that offers various services throughout the lifecycle of batteries including battery care/lease/charging/reuse, etc., while contributing to the expansion of the EV market and enhancement of the social values of batteries.

In addition, plans are to continuously procure growth momentum by accelerating next-generation battery technology development such as developing solid state batteries and lithium sulfur batteries.

Meanwhile, the first chairman of the board of directors of LG Energy Solution will be Chief Executive Officer Hak Cheol Shin.

LG Energy Solution explained the reason for its appointment stating that Chief Executive Officer Shin contributed to maximizing synergy effects with the parent company LG Chem and has expertise and balanced perception for global businesses, which is expected to have a positive impact on the battery business that is heavily based on overseas businesses.

by LG Chem, Press Release

Source: lgchem.com

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