LG Energy Solutions is controlled by LG Chem, a wholly owned subsidiary of the LG Electronics Group.
see photosIt has a market value of $98.3 billion which is dwarfed only by Samsung.
EV battery maker LG Energy Solutions has become South Korea’s second most valuable company by market capitalization after launching its IPO on Thursday. It debuted with a market capitalization of $98.3 billion which makes it the second most valuable company in South Korea after Samsung. LG Energy Solutions is the world’s second largest manufacturer of batteries after China’s CATL, with high-profile customers such as Tesla, GM and Volkswagen accounting for about 23 percent of the market share in the global EV battery market.
It was spun out of LG’s LG Chem division, which now holds an 81.8 percent stake in LG Energy Solutions. It has 30,000 employees and develops lithium-ion batteries for electric vehicles, military, drones, IT applications of ships and energy storage systems. It also has Magna as a partner.
LG Energy Solutions raises $10.8 billion in South Korea’s biggest IPO
Its IPO was scheduled for last June, but was abandoned after several incidents of battery-related fires in vehicles by GM and Hyundai. These issues have since been fixed. In fact, LG Energy Solutions has even made a commitment to invest $5.2 billion in battery materials by 2025. It will also help GM build a $2.6 billion battery plant in the US.
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LG Energy Solutions believes that it will soon overtake CATL as the world’s leading battery manufacturer thanks to its diverse clientele, which are located around the world, not just focused on China which The largest EV market in the world.
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