MARYSVILLE, Ohio ,
Jan. 13,
2023 /PRNewswire/ -- LG Energy Solution (LGES; KRX:
373220) and Honda Motor Co., Ltd. (Honda) today announced the
formal establishment of the joint venture (JV) which will produce
lithium-ion batteries for electric vehicles (EV) produced by
Honda.
LGES and Honda have committed to creating
2,200 jobs to establish the new production facility.
The JV will begin construction of a new battery plant early this
year with the goal of completion by the end of 2024 and
starting mass production of advanced lithium-ion battery cells by
the end of 2025. The plant aims to have an annual production
capacity of approximately 40GWh. All batteries produced by the new
JV will be supplied exclusively to Honda plants in North America to power battery-electric
vehicles sold in North America.
The new plant will be located approximately 40 miles southwest
of Columbus in Fayette County, near Jeffersonville. LGES and Honda have committed
to investing $3.5 billion and
creating 2,200 jobs to establish the new production facility. The
companies' overall investment related to the JV is projected to
reach $4.4 billion.
<About the new
JV>
|
|
|
Company
name:
|
L-H Battery Company,
Inc. (tentative name)
|
Location:
|
Jeffersonville, Ohio,
U.S.A.
|
Capital:
|
$ 210 million
USD
|
|
(Percentage of
ownership: 51% LGES, 49% Honda)
|
Corporate
officers:
|
Robert H. Lee, CEO
(Currently Executive Vice President, North America
Regional Group Leader of LGES)
|
|
Rick Riggle, COO
(Previously Plant Lead of Anna Engine Plant of
Honda Development and Manufacturing of America)
|
- Comments by Robert H. Lee, CEO
of L-H Battery Company, Inc.
"LG Energy Solution has all the right assets to make this
joint venture a success, including the financial stability,
quality, competitiveness, and production capacity with global
operational expertise," said Robert H. Lee. "With two
companies' expertise combined, we will provide top quality
batteries to ensure the successful launch of Honda EVs
in North America, and grow
with the community here in Ohio by
creating high value jobs."
- Comments by Rick
Riggle, COO of L-H Battery Company,
Inc.
"The formal establishment of this joint venture
between LG Energy Solution and Honda to produce EV
batteries in Ohio is another
major step toward our electrified future," said Rick
Riggle. "We are excited to move forward with such a strong
partner in LG Energy Solution and, together, we look
forward to establishing a strong relationship with the community
in Fayette County,
Ohio."
About LG Energy Solution
LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a
leading global manufacturer of lithium-ion batteries for electric
vehicles, mobility, IT, and energy storage systems. With 30 years
of experience in revolutionary battery technology and extensive
research and development (R&D), the company is the top
battery-related patent holder in the world with over 25,000
patents. Its robust global network, which spans North
America, Europe, Asia, and Australia, includes
battery manufacturing facilities established through joint ventures
with major automakers such as General Motors, Stellantis N.V.,
Hyundai Motor Group, and Honda Motor Co. Ltd. At the forefront of
green business and sustainability, LG Energy Solution aims to
achieve carbon neutral operations by 2050, while embodying the
value of shared growth and promoting diverse and inclusive
corporate culture. To learn more about LG Energy Solution's ideas
and innovations, visit https://www.lgensol.com.
About Honda Motor Co.,
Ltd.
Honda Motor Co., Ltd. (NYSE: HMC) is responsible for the
development, production and sales of automobiles, motorcycles,
power products and aviation products worldwide. Honda now delivers
over 30 million products annually through its three product lines.
Honda and its partners build products in more than 60 manufacturing
plants in 27 countries, employing about 220,000 associates
globally. On a global basis by 2050, Honda is striving to achieve
carbon neutrality for all products and corporate activities, as
well as zero traffic collision fatalities involving Honda
automobiles and motorcycles.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/lg-energy-solution-and-honda-formally-establish-battery-production-joint-venture-301720982.html
SOURCE Honda