- Local and state officials join global Honda and LGES executives
in groundbreaking event
- New renderings offer first look at the new EV battery facility,
an initial $3.5 billion investment
projected to reach $4.4 billion
overall
- Construction set to rapidly scale up so that the facility can
be completed by the end of 2024 in support of the start of mass
production at the end of 2025
- EV batteries from the facility, over 2 million sq. ft. in size,
to be provided exclusively to Honda auto plants to produce EVs to
be sold in North America
JEFFERSONVILLE, Ohio, Feb. 28,
2023 /PRNewswire/ -- Honda and LG Energy Solution
(LGES; KRX: 373220) today held the official groundbreaking ceremony
for a new joint venture EV battery plant over 2 million square feet
in size, to be located in Fayette
County, near Jeffersonville,
Ohio.
The JV company will deliver lithium-ion
batteries to support Honda's plan to build EVs in North America.
The two companies have committed to invest $3.5 billion in the new joint venture (JV)
facility, with their overall investment projected to reach
$4.4 billion. The facility is
scheduled to be completed by the end of 2024, with plans to create
2,200 jobs, and the aim for approximately 40GWh of annual
production capacity. The JV company will deliver lithium-ion
batteries with cutting-edge technology to support Honda's plan to
build battery-electric vehicles (EV) in North America.
The ceremony's attendees included Toshihiro Mibe, president and
CEO of Honda Motor Co., Ltd., Dong-Myung
Kim, president and head of the Advanced Automotive Battery
Division of LG Energy Solution, Ohio Governor Mike
DeWine, Lieutenant Governor Jon
Husted, other members of state government and local
community officials.
At the ceremony, the leaders of the new JV company, CEO
Robert H. Lee and COO Rick Riggle, revealed a rendering of the new
facility which will be located about 40 miles southwest of
Columbus.
"It is an honor to represent two great corporations, Honda and
LG Energy Solution, both with a long, proud history of success. LG
Energy Solution is the leading battery manufacturer globally and is
investing aggressively to meet demand for electrification. We are
excited to embark on this partnership with Honda, a leader in the
global auto industry with a reputation for quality and
reliability," said Lee. "If we harness these strengths, I have no
doubt our joint venture will be the most successful battery plant
in the world, and we look forward to being a part of this massive
transformation toward sustainability."
"We have talked a lot about the partnership between Honda and LG
Energy Solution, but the communities of Southern Ohio are a part of this venture, too,
and we see it not so much as a joint venture, but a tri-venture
between our companies and the community," said Riggle. "We share
similar values and perspectives regarding the relationship we want
to have with our new workforce, and this spirit of teamwork will be
key to our success."
The location of the joint venture between Honda and LGES was
announced on Oct.11, 2022, and was formally established on
Jan. 12, 2023. The plant aims to
start mass production of pouch-type lithium-ion batteries by the
end of 2025, to be provided exclusively to Honda auto plants to
produce EVs to be sold in North
America.
Honda also has announced plans to invest $700 million to re-tool several of its existing
auto and powertrain plants in Ohio
for production* of electric vehicles that will utilize the
batteries made at the new JV facility. Honda plans to begin
production and sales of Honda EVs in North America in 2026, based on its new Honda
e:Architecture. As part of its goal to achieve carbon neutrality
for all products and corporate activities by 2050, Honda has a
vision to make battery-electric and fuel cell electric vehicles
represent 100% of its vehicle sales by 2040.
Backed by the largest global battery manufacturing network it
has established, LG Energy Solution has been carrying out its
initiative to expedite the global EV transition, with its annual
production capacity of 200GWh to further expand to 300GWh by the
end of this year. Capitalizing on its ample R&D experience and
operational expertise, LGES is devoted to providing competitive
power solutions for its customers, thereby promoting the customer
values and reinforcing the collective initiatives for clean energy
transformation.
For more information about the joint venture battery plant,
visit www.lgeshonda.com.
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.
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SOURCE Honda