LG Energy Solution, Ltd. (LGES; ) is a battery company headquartered in

Seoul Seoul (; ; ), officially known as the Seoul Special City, is the capital and largest metropolis of South Korea.Before 1972, Seoul was the ''de jure'' capital of the Democratic People's Republic of Korea (North Korea) as stated iArticle 103 ...

, South Korea. LGES is one of the largest battery maker alongside

CATL Contemporary Amperex Technology Co. Limited (), abbreviated as CATL, is a Chinese battery manufacturer and technology company founded in 2011 that specializes in the manufacturing of lithium-ion batteries for electric vehicles and energy storage ...

Panasonic formerly between 1935 and 2008 and the first incarnation of between 2008 and 2022, is a major Japanese multinational corporation, multinational Conglomerate (company), conglomerate corporation, headquartered in Kadoma, Osaka, Kadoma, Osaka P ...

, SK Innovation, and

Samsung SDI Samsung SDI Co., Ltd. () is a battery and electronic materials manufacturer headquartered in Yongin, Gyeonggi-do, South Korea. Samsung SDI operates its business with Energy Solutions and Electronic Materials segment. The Energy Solution segment ma ...

History

LG Chem Energy Solution Business Division (1992-2020)

LG Chem LG Chem Ltd. (Korean: LG화학), often referred to as LG Chemical, is the largest Korean chemical company and is headquartered in Seoul, South Korea. It was the 10th largest chemical company in the world by sales in 2017. It was first established ...

started the battery business when

LG Group LG Corporation (or LG Group) (), formerly Lucky-Goldstar from 1983 to 1995 (Korean: ''Leokki Geumseong''; ), is a South Korean multinational conglomerate founded by Koo In-hwoi and managed by successive generations of his family. It is ...

chairman

Koo Bon-moo Koo Bon-moo ( ko, 구본무; 10 February 1945 – 20 May 2018) was a South Korean business executive, who gained worldwide fame as the renamer and business executive of the LG Group. Early life Born on 10 February 1945 in Jinju, South Gyeongsa ...

visited the

United Kingdom Atomic Energy Authority The United Kingdom Atomic Energy Authority is a UK government research organisation responsible for the development of fusion energy. It is an executive non-departmental public body of the Department for Business, Energy and Industrial Strategy ...

office in 1992. After the visit, Koo brought rechargeable battery samples and began research into the emerging technology. LG Chem produced Korea's first lithium-ion battery in 1999 and succeeded in supplying automotive batteries for

General Motors The General Motors Company (GM) is an American Multinational corporation, multinational Automotive industry, automotive manufacturing company headquartered in Detroit, Michigan, United States. It is the largest automaker in the United States and ...

Volt The volt (symbol: V) is the unit of electric potential, electric potential difference (voltage), and electromotive force in the International System of Units (SI). It is named after the Italian physicist Alessandro Volta (1745–1827). Defi ...

in the late 2000s. Then, the company became a battery supplier to global car makers, including

Ford Ford commonly refers to: * Ford Motor Company, an automobile manufacturer founded by Henry Ford * Ford (crossing), a shallow crossing on a river Ford may also refer to: Ford Motor Company * Henry Ford, founder of the Ford Motor Company * Ford F ...

Chrysler Stellantis North America (officially FCA US and formerly Chrysler ()) is one of the " Big Three" automobile manufacturers in the United States, headquartered in Auburn Hills, Michigan. It is the American subsidiary of the multinational automoti ...

Audi Audi AG () is a German automotive manufacturer of luxury vehicles headquartered in Ingolstadt, Bavaria, Germany. As a subsidiary of its parent company, the Volkswagen Group, Audi produces vehicles in nine production facilities worldwide. Th ...

Renault Groupe Renault ( , , , also known as the Renault Group in English; legally Renault S.A.) is a French multinational automobile manufacturer established in 1899. The company produces a range of cars and vans, and in the past has manufactured ...

Volvo The Volvo Group ( sv, Volvokoncernen; legally Aktiebolaget Volvo, shortened to AB Volvo, stylized as VOLVO) is a Swedish multinational manufacturing corporation headquartered in Gothenburg. While its core activity is the production, distributio ...

and

SAIC Motor SAIC Motor Corp., Ltd. (formerly Shanghai Automotive Industry Corporation) is a Chinese state-owned automobile manufacturer headquartered in Anting, Shanghai. Founded in 1955, it is currently the largest of the " Big Four" state-owned car manu ...

LG Energy Solution (2020-present)

In September 2020, LG Chem announced spinning off its Energy Solution 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 in December 2020. It subsequently undertook an IPO process to secure funds to increase its battery production capacity and debuted on the

Korea Exchange Korea Exchange (KRX) is the sole securities exchange operator in South Korea. It is headquartered in Busan, and has an office for cash markets and market oversight in Seoul. History The Korea Exchange was created through the integration of Ko ...

in January 2022. 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.

Controversies

According to General Motors, manufacturing defects in batteries supplied for

Chevrolet Bolt The Chevrolet Bolt or Chevrolet Bolt EV is a battery electric subcompact hatchback produced by General Motors under the Chevrolet marque. It was developed and manufactured in partnership with LG Corporation. A rebadged European variant was ...

caused 13 confirmed battery fires. The faulty batteries were produced in LGES plants in South Korea and

Michigan Michigan () is a state in the Great Lakes region of the upper Midwestern United States. With a population of nearly 10.12 million and an area of nearly , Michigan is the 10th-largest state by population, the 11th-largest by area, and the ...

, and GM pursued reimbursement from LG. In the end, LGES and

LG Electronics LG Electronics Inc. () is a South Korean multinational electronics company headquartered in Yeouido-dong, Seoul, South Korea. LG Electronics is a part of LG Corporation, the fourth largest '' chaebol'' in South Korea, and often considered a ...

agreed to pay GM up to $1.9 billion for the recalls on every car produced since 2016.

References

External links