LG Energy Solution

What LG Energy Solution does

LG Energy Solution, Ltd. (KRX: 373220) is a South Korean total-energy-solutions company spun off from LG Chem in December 2020 and publicly listed on KOSPI in January 2022. Headquartered in Seoul, LG Energy Solution manufactures lithium-ion battery cells, modules, and packs across cylindrical (including the 46-series) and pouch form factors spanning NCM, NCMA, LFP, LMR, and next-generation sodium-ion, solid-state, bipolar, and lithium-sulfur chemistries. The company operates six global production sites in South Korea, the United States (Holland MI, Arizona, plus JVs in Ohio, Tennessee, and Michigan), Canada (Windsor, Ontario), Poland (Wrocław), and a subsidiary in India, supported by R&D in Daejeon and a 100,000+ global patent portfolio.

LG Energy Solution's primary customers are global automotive OEMs (GM via the Ultium Cells JV, Honda via the Ohio JV, Stellantis via NextStar, Hyundai/Kia, Renault/Ampere, Tesla, and over 31 cumulative automakers across 79 EV projects), utilities and project developers (DTE Energy, CPS Energy/OCI Energy, Heron Power deployments), AI data center operators (Oracle, Crusoe via second-life batteries), light electric vehicle OEMs (over 50% Indian E-2W share), and emerging humanoid robotics platforms (Tesla Optimus, Boston Dynamics, K-Moonshot). The business model combines hardware sales of cells/modules/packs under multi-year OEM and utility supply contracts (e.g., the $1.6B DTE Energy deal), ESS system integration through its LG Energy Solution Vertech subsidiary, recurring BaaS software revenue from B.around, B-Lifecare, B.once, and KooRoo services, VPP/brokerage, and patent licensing via the Tulip Innovation vehicle alongside Panasonic Energy. Long-term contracts, IRA-compliant localized U.S. manufacturing, digital-twin smart factory technology, and a full-battery-lifecycle services stack underpin the go-to-market motion.

Name

LG Energy Solution

Legal name

LG Energy Solution, Ltd.

Website

https://lgensol.com

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

LG Energy Solution is a South Korean public battery manufacturer (KRX: 373220) producing lithium-ion cells, modules, and packs in cylindrical and pouch formats for global automotive OEMs, utilities, AI data centers, and emerging humanoid robotics customers, with growing ESS and BaaS software businesses.

Ownership category

akta.pro rank

Product category

Lithium-ion Batteries

NAICS

Battery Manufacturing (33591)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Battery Cells (Li-ion, LFP, Sodium-ion, Lead-acid, NiMH) (IMAGAHAA)

akta.pro secondary industries

Battery Management Systems (BMS) & Battery Electronics (IMAGAHAC), Energy Storage Software & Controls (EMS, monitoring, optimization, cybersecurity) (IMAGAHAJ), Managed EV Charging Software (Residential, Fleet, Workplace) (EUAFAMAA), Battery Management Systems (BMS) & Pack Electronics Manufacturing (EUAFABAJ), Battery Packs & Energy Storage for Micromobility Manufacturing (IMACAOAE)

Keywords

• Lithium-ion batteries
• Energy storage systems
• Battery management software
• EV battery cells
• Battery swapping services

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices13 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Lithium-ion battery cell, module and pack sales: Primary revenue stream from manufacturing and selling NCM, NCMA, LFP, and LMR cells, modules and packs to global automakers (passenger and commercial EVs), robot makers, AI data center operators, and project developers. Includes long-term supply contracts such as the $1.6 billion DTE Energy deal and the Tesla ESS supply agreement.
2. Patent licensing and IP royalties: Recurring revenue from licensing LG Energy Solution's patent portfolio (managed via Tulip Innovation alongside Panasonic Energy) to third-party battery makers and customers, exemplified by the 2026 licensing settlement with Sunwoda covering Germany, China and Korea.
3. BaaS (Battery-as-a-Service) software and lifecycle services: Subscription, data, and platform-based revenue from B.around (BMTS), B-Lifecare (EV battery diagnosis), B.once (one-time battery evaluation), KooRoo (two-wheeler battery swapping) and VPP/Brokerage services, monetizing the full battery lifecycle.
4. ESS system integration and turnkey project revenue: Revenue from LG Energy Solution Vertech's system integration business delivering turnkey battery energy storage projects (e.g., Trenton BESS replacing Powin, OCI's Alamo City BESS, Heron Power solid-state transformer-integrated systems) to utilities and developers.
5. Green bond financing (capital markets activity): Capital raising via bond issuances (notably $1 billion in 2023 green bonds and a $2 billion 2024 three-tranche dollar bond) to fund global manufacturing capacity expansion, including the Arizona ESS plant and ESS projects.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels9 records

Core offering

LG Energy Solution manufactures and sells lithium-ion battery cells, modules, and packs in cylindrical and pouch form factors, using NCM, NCMA, LFP, LMR, and emerging sodium-ion and all-solid-state chemistries. Its products power passenger and commercial electric vehicles, grid-scale and residential energy storage systems, light electric vehicles, robotics, and future mobility applications. On top of manufacturing, LG Energy Solution operates a Battery-as-a-Service (BaaS) software and services platform (KooRoo, B-Lifecare, B.once, B.around, VPP, ESS SI) and delivers turnkey system integration for utilities and AI data center operators through LG Energy Solution Vertech.

Product overview

LG Energy Solution operates as a platform-plus-modules architecture spanning battery cell-to-system manufacturing and a growing portfolio of Battery-as-a-Service (BaaS) offerings. The company manufactures lithium-ion battery cells across multiple form factors (Cylindrical and Pouch) and chemistries (NCM and LFP) for diverse applications (Passenger EV, Commercial EV, ESS, LEV, Smart Devices, Power Tools, Heavy Equipment, Robots, and Future Mobility/UAM). On top of this manufacturing base, LG Energy Solution layers a battery service platform comprising KooRoo (battery swapping for two-wheelers), B-Lifecare (EV battery diagnosis and lifecycle management), B.once (one-time battery evaluation), B.around (BMTS-based integrated lifecycle management platform), VPP (Virtual Power Plant), and ESS SI (system integration via LG Energy Solution Vertech). The acquisition of NextStar Energy and the existing LG Energy Solution Vertech subsidiary extend the platform into battery cell manufacturing and grid-scale ESS system integration across North America. Future-battery R&D (bipolar, sodium-ion, lithium-sulfur, all-solid-state) underpins the long-term roadmap.

Differentiator

Problem solved

Functional benefit

Brands

• KooRoo: LG Energy Solution's battery swapping service brand for electric two-wheelers, enabling replacement of depleted batteries at dedicated stations in approximately 20 seconds.
• B-Lifecare
• B.around
• B.once
• LG Energy Solution enblock
• BATTERY INSIDE
• Prime+

Products and services

• Passenger EV Batteries Lithium-ion battery cells, modules, and packs designed for passenger electric vehicles, including NCMA cathode and silicon anode chemistries, supplied globally to 31+ automakers across 79 EV projects.
• Commercial EV Batteries Battery systems for commercial electric vehicles including trucks, buses, and delivery fleets, focused on durability, longer cycle life, and total cost of ownership.
• ESS (Energy Storage Systems) Grid-scale, commercial, and residential energy storage system batteries and integrated solutions, including LFP-based products, system integration via LG Energy Solution Vertech, and software-as-a-service offerings for utilities and developers.
• LEV (Light Electric Vehicle) Batteries Battery solutions for light electric vehicles such as e-bikes, e-scooters, and electric two- and three-wheelers, marketed in India and other markets through dedicated subsidiaries.
• Robot Batteries Battery solutions for robots including humanoid robotics, with supply deals for Tesla Optimus and Boston Dynamics and solid-state batteries for Korea's K-Moonshot humanoid robot initiative.
• Cylindrical Batteries Cylindrical battery cells including the 46-series with high energy density, structural stability, and flexible design, used in EVs, ESS, LEVs, robots, and aerospace applications.
• Pouch Batteries Ultra-slim, high-density pouch-type lithium-ion battery cells and modules (cell lines P41, E65D, E66C, E78; modules P28.5, E60).
• NCM Batteries NCM (Nickel Cobalt Manganese) cathode chemistry including NCMA (Nickel Cobalt Manganese Aluminum) batteries that improve energy density and driving range.
• LFP Batteries

Quantifiable outcome

• 50% production speed increase on 46-series cylindrical battery equipment via digital twin technology at Cheongju smart factory
• +7 more outcomes

Named customers14 records

Segments7 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability12 records

Feature12 records

Partnerships

27 partnerships are on record, tiered minor, core and flagship.

• Korea Credit Guarantee FundminorStrategic or Co-development Partner · 24 June 2026MOU to strengthen the K-battery ecosystem and support small and medium-sized venture companies in the domestic battery industry; aims to solidify Korea's leadership position in the global battery supply chain.
• OCI Energy / CPS EnergycoreChannel Partner/ Reseller/ Distributor · 22 June 2026LG Energy Solution Vertech supplies battery technology for the Alamo City Battery Energy Storage System in San Antonio (120 MW/480 MWh) under a long-term Storage Capacity Agreement with CPS Energy, with ING financing and Elgin Power Solutions as EPC contractor; commercial operation expected 2027.
• Electra Battery MaterialscoreStrategic or Co-development Partner · 18 June 2026LG Energy Solution committed to purchasing 60% of Electra's Ontario cobalt sulfate refinery output for the initial five years; positions LG Energy Solution as anchor off-taker for North America's first cobalt sulfate refinery.
• Sebang Lithium BatterycoreStrategic or Co-development Partner · 16 June 2026Sebang will establish a local subsidiary in Ohio to produce grid-scale ESS battery modules for LG Energy Solution; order valued at KRW 1.8 trillion with revenue expected from Q4 2026.
• Tesla (Optimus)flagshipStrategic or Co-development Partner · 12 June 2026LG Energy Solution announced battery supply deals for major humanoid robot platforms including Tesla's Optimus and Hyundai Motor Group's Boston Dynamics, positioning robot batteries as a new growth engine with the global humanoid robot battery market projected to grow from $14.14M to $851M by 2034.
• Hyundai Motor Group (Boston Dynamics)flagshipStrategic or Co-development Partner · 12 June 2026Battery supply deal for Hyundai's Boston Dynamics humanoid robots, identified by LG Energy Solution as part of its new robotics battery growth engine alongside Tesla Optimus.
• Tulip Innovation (with Panasonic Energy)coreOEM/ Whitelabel/ Licensing Partner · 12 June 2026Joint patent management vehicle representing LG Energy Solution and Panasonic Energy, used to license lithium-ion battery patents to Sunwoda and other third parties and to pursue infringement cases globally.
• Sunwoda ElectroniccoreOthers · 11 June 2026Patent license agreement signed via Tulip Innovation resolving all pending legal actions in Germany, China, and Korea between LG Energy Solution and Sunwoda; confidential financial terms; validates LG Energy Solution's aggressive intellectual property protection strategy.
• Korea-US energy business forum (KEPCO, KHNP, Samsung Heavy, Doosan Enerbility, JP Morgan, ExxonMobil, GE Vernova, NextEra Energy)coreStrategic or Co-development Partner · 11 June 2026Participated in jointly hosted Korea-U.S. energy business forum in Washington to deepen bilateral cooperation in nuclear, clean energy, and grid storage; supports 70-year Korea-U.S. civil nuclear partnership.
• Peak EnergyflagshipTechnology or Integration · 9 June 2026GM-LG Energy Solution-Peak Energy collaboration on sodium-ion battery development for grid-scale energy storage. Sodium-ion prototyping at GM's Wallace Battery Cell Innovation Center in Warren, Michigan with first cells targeted for trial production in 2028.
• Redwood MaterialsflagshipTechnology or Integration · 9 June 2026Partnership with Redwood Materials on second-life battery deployment; ~10,000 repurposed GM EV battery packs to be deployed including for Crusoe's AI data center in Sparks, Nevada, and 100 second-life packs at a Michigan plant providing 7.2 MWh.
• NVIDIAflagshipStrategic or Co-development Partner · 8 June 2026LG Group-wide strategic collaboration with NVIDIA to build AI factories across robotics, autonomous driving, data centers, and GPU cloud services. LG Energy Solution designated as a partner for scalable AI factories based on NVIDIA's DSX platform.
• LG UpluscoreStrategic or Co-development Partner · 8 June 2026"One LG" alliance where LG Uplus supplies AI data center capacity (200MW hyperscale facility in Paju), LG Energy Solution provides UPS batteries, LG Electronics provides thermal cooling, and LS Electric co-develops DC 800V power distribution.
• Heron PowercoreTechnology or Integration · 2 June 2026Design and engineering collaboration with Heron Power to integrate solid-state transformer-based Heron Link with LG Energy Solution Vertech's U.S.-manufactured BESS. Reduces DC block project footprint by 30%, improves round-trip efficiency 2.4%, and NPV by up to 6%; pilot deployment targeted for later 2026.
• DTE EnergyflagshipChannel Partner/ Reseller/ Distributor · 28 May 2026$1.6 billion ESS battery supply agreement covering 6 GWh (1.5 GW) across eight Michigan grid projects over two years, with batteries produced at Holland, Michigan facility. Projects include an Oracle AI data center serving OpenAI.
• StellantisflagshipStrategic or Co-development Partner · 6 February 2026Original 50/50 joint venture (NextStar Energy) for a battery plant in Windsor, Ontario. In February 2026 Stellantis sold its 49% stake to LG Energy Solution for a nominal $100, while remaining a customer sourcing batteries from the plant that employs over 1,300 people and has received up to $15 billion in performance incentives.
• DerichebourgcoreStrategic or Co-development Partner · 29 April 2025Battery recycling joint venture established with Derichebourg to recover critical materials from end-of-life batteries, supporting circular economy and EU Battery Regulation compliance.
• Aptera MotorsminorStrategic or Co-development Partner · 10 January 2025Exclusive supply of cylindrical batteries (CTNS chemistry) for Aptera's solar electric vehicles under a January 2025 MOU.
• Renault Group (Ampere)flagshipStrategic or Co-development Partner · 2 July 2024Supply agreement for LG Energy Solution to provide LFP EV batteries to Renault's EV division (Ampere) in Europe, using Cell-to-Pack architecture to enhance cost competitiveness and quality.
• Honda MotorflagshipStrategic or Co-development Partner · 4 March 2024Joint venture EV battery production facility near Jeffersonville, Ohio (over 2 million sq ft, $4.4B investment, ~2,200 jobs) producing pouch-type lithium-ion batteries for Honda and Acura EVs in North America from late 2025. Also extended into battery swapping for electric motorcycles in Hanoi (May 2026 MoU).
• General Motors (Ultium Cells JV)flagshipStrategic or Co-development PartnerUltium Cells joint venture (LG Energy Solution and GM, established 2019 with combined KRW 2.7 trillion equity) operates three U.S. plants in Rosetown OH, Spring Hill TN, and Lansing MI producing NCMA batteries for HUMMER EV and other GM EVs, with expected total capacity of 120+ GWh.
• South8 TechnologiesminorStrategic or Co-development PartnerStrategic partnership with U.S. startup South8 Technologies for aerospace battery R&D, supporting next-generation battery development.
• KAISTcoreStrategic or Co-development PartnerJoint research venture with KAIST supporting next-generation battery technology development and academic talent pipeline.
• MIT, Stanford, UC Berkeley, University of Chicago, Argonne National LaboratorycoreStrategic or Co-development PartnerBattery Tech Conference (Chicago, June 2026) brought together 40+ researchers from these leading institutions for recruitment-focused engagement with LG Energy Solution R&D leadership.
• POSTECH and Sungkyunkwan UniversitycoreStrategic or Co-development PartnerJoint development of next-generation battery technology with POSTECH and Sungkyunkwan University (October 2025), covering electrolytes and advanced battery chemistries.
• Tulip Innovation (joint with Panasonic Energy)coreOEM/ Whitelabel/ Licensing PartnerTulip Innovation acts as a joint patent management company for LG Energy Solution and Panasonic Energy, monetizing patents via licensing and enforcement actions.
• LG AI ResearchcoreStrategic or Co-development PartnerWithin the K-Moonshot initiative, LG AI Research develops AI models enabling humanoid robots to process visual, physical, verbal, and behavioral information, while LG Energy Solution supplies solid-state batteries for the robots.

Scale indicators19 records

Recent moves7 records

Expansion highlights8 records

Direct peers

• CATL (Contemporary Amperex Technology): CATL is the world's largest lithium-ion battery manufacturer, supplying cells to global automakers including Tesla, BMW, and Mercedes. It is the most direct competitor to LG Energy Solution in EV and ESS cells, competing on chemistry, scale, and cost.
• BYD: BYD is both a major automaker and one of the world's largest battery manufacturers, with significant LFP blade battery production. It directly competes with LG Energy Solution across cell chemistries (LFP and NCM), form factors (pouch, cylindrical, prismatic), and end markets (EVs, ESS).
• Panasonic Energy: Panasonic Energy supplies cylindrical lithium-ion batteries (notably 2170 and 4680 cells to Tesla) and is a joint patent holder with LG Energy Solution via Tulip Innovation. The two companies compete directly in automotive cells while collaborating on IP licensing.
• Samsung SDI: Samsung SDI is a Korean competitor producing NCM and LFP battery cells, modules, and packs for EVs and ESS, with major customers including BMW, Stellantis, Rivian, and Ford. The two companies compete in automotive cells, ESS, and have overlapping 46-series cylindrical and pouch roadmaps.
• SK On: SK On is the third major Korean battery maker, focused on NCM high-nickel chemistries for global OEMs (including Ford, Hyundai, Volkswagen). It competes directly with LG Energy Solution in the same Korean and U.S. automotive battery markets.
• Sunwoda Electronic: Sunwoda is a major Chinese battery maker producing LFP and NCM cells for EVs and consumer electronics, with which LG Energy Solution recently settled a global patent licensing dispute via Tulip Innovation in 2026. It is a direct competitor in global cell supply and a counterparty in LGES's IP enforcement program.
• EVE Energy: EVE Energy is a Chinese battery manufacturer with leading positions in LFP prismatic cells, ESS, and power tool batteries. It competes with LG Energy Solution in global ESS supply and European auto OEM contracts, with overlapping chemistry and form factor roadmaps.
• CALB (China Aviation Lithium Battery): CALB is one of China's top battery makers, supplying NCM and LFP cells to global auto OEMs and ESS projects. It competes with LG Energy Solution in mass-market passenger EV battery cells and increasingly in grid-scale storage.

Emerging players

• Northvolt: Northvolt is a European battery manufacturer building large-scale NCM and LFP gigafactories in Sweden and Germany, with major customers including BMW, Volvo, and Volkswagen. It competes with LG Energy Solution's Wrocław operations in the European EV and ESS markets.
• Our Next Energy (ONE): ONE is a U.S.-based battery startup developing LFP and dual-chemistry battery packs and cells, with operations in Michigan. It is an emerging player in North American ESS and EV cells, partially overlapping with LG Energy Solution's IRA-driven U.S. footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/LG_ensol
• YouTubeyoutube.com/lgenergysolution
• Facebookfacebook.com/LG-Energy-Solution-100068195618451
• LinkedInlinkedin.com/company/lgenergysolution
• Instagraminstagram.com/lgenergysolution

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries7 records

Funding overview

Funding rounds4 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LG Energy Solution