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LG Energy Solution has been launched as an independent, wholly-owned unit of LG Chem, with a mission to almost quadruple its revenue to 30 trillion won by 2024 from last year's 8.2 trillion won.
The world‘s leading battery maker and overall energy solution provider, LG Energy Solution would be led by CEO Kim Jong-hyun.
In the first nine months of the year, LG Chem earned the No.1 rank in the global EV battery market with a 24.6 percent market share, deploying 19.9 gigawatt-hours of batteries.
CATL came in second with 23.7 percent and 19.1 gigawatt-hours.
Kim noted that LG Energy Solution is leading the way for the country’s battery industry, which was previously nonexistent.
LG Energy Solution will focus on developing top-notch technology and quality while promoting an eco-friendly business.
The new company's portfolio is composed of EV batteries, small-sized batteries, and energy storage systems.
LG Energy Solution aims to boost its annual production capacity from 120 gigawatts to 260 gigawatts by 2023, which would require investments of 3 trillion won to 4 trillion won annually.
It has an order backlog of 150 trillion won,
LG Chem aims to sell a 20 to 30 percent stake in LG Energy Solution in an initial public offering to shore up funds.
The schedule for the IPO hasn’t been decided, but LG Chem Chief Financial Officer Cha Dong-Seok had told shareholders in September that it is likely to be listed on the stock market in late 2021 or early 2022.
Among the challenges faced by the LG Energy Solution are the recall by Hyundai Motor, General Motors, and Opel of EVs loaded with LG Chem batteries upon reports of explosions or fires.
The company is also awaiting a final ruling by the US International Trade Commission on a trade secret misappropriation lawsuit it had filed against SK Innovation.
