LG Chem batteries are one of the most affordable solar energy storage solutions available to residential and commercial consumers in Australia. Their long term warranty and affordability ensures better ROI as opposed to other expensive alternatives like Tesla. LGI (investment arm of LG Corp) is one of the biggest lithium-ion battery manufacturers in the world. They manufacture batteries for a variety of products ranging from electric cars and smart phones to solar power systems. LG Chem Ltd, publicly traded in KRX, is also one of the largest chemical companies globally.
LG Chem and Cobalt
A new partnership has been initiated between the Korean giant and China’s Huayou Cobalt. The USD 440 million deal will see investments in Li-ion battery materials plant and a cathode plant. In this joint venture, Cobalt Blue issued shares worth over $7 million to LGI. Moreover, as part of this deal, two new companies will come into existence – Huajin New Energy Material (precursors plant with 49% shares by LG) and Leyou New Energy Material (anode materials plant with 51% shares by LG).
Furthermore, these plants can produce both NCM (Nickel Cobalt Manganese) and NCA (Nickel Cobalt Aluminum) battery assemblies. The materials will be send to LG’s factory in China. This collaboration between the two firms enables them to control the entire value chain (material procurement to finished battery cells) of battery production. These types of massive investments helps in understanding the scale of investments necessary to meet the future demand patterns of Li-ion battery industry. In addition, LG has considerable annual investments in R&D projects. The affordable Resu 6.4EX home solar battery solution was the product of one of their research accolades.
Source: Zdnet, MiningWeekly, ProactiveInvestors