Joint cooperation plan for manufacturing energy storage vehicles

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Why is lges launching a joint venture with JSW?

The joint venture with JSW allows LGES to leverage India’s burgeoning EV and energy storage markets while lowering its exposure to global market slowdowns. The companies are exploring sites for the manufacturing plant, with the goal of beginning operations before the end of 2026.

Does Samsung have a joint venture with General Motors?

SEOUL, Korea – August 28, 2024 – SAMSUNG SDI announced today that the company has completed and signed an agreement with General Motors to establish a joint venture to supply electric vehicle (EV) batteries in the United States.

How will JSW Energy & lges work together?

It is intended for the joint venture to be a 50:50 partnership. JSW Energy contributes substantial capital investment, while LGES will supply the state-of-the-art machinery and technology. Together, they intend to build a battery production plant capable of producing 10 gigawatt hours (GWh).

What is a joint venture and how does it work?

Moreover, the joint venture aims at jointly building up precursor and cathode material production capacities in Europe, and sustainably securing responsibly sourced raw material capacities at competitive prices. Close cooperation to foster cost optimization activities and increase efficiencies in production processes are also on the agenda.

How does ESG contribute to a sustainable closed-loop supply chain?

Not only does this foster the collection of more used batteries, but by enhancing ESG practices throughout the echelon utilization process, it also boosts the overall utilization rate of used batteries. Consequently, this collaborative approach contributes significantly to the establishment of a sustainable closed-loop supply chain.