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LG Energy Solution starts full operations at Lansing plant making ESS and EV batteries

LG Energy Solution is stepping up local production in the North American battery market by launching full operations at its Lansing plant in Michigan. The company held an opening ceremony on Aug. 19 attended by Governor Gretchen Whitmer, U.S. Interior Secretary Doug Burgum and CEO Kim Dong-myung (김동명). The plant will produce LFP batteries for energy storage systems and NCM batteries for electric vehicles, with annual capacity of more than 35 GWh.

Industry

LG Energy Solution signs $1.6 billion ESS supply deal with DTE Energy

LG Energy Solution said on May 28 it signed a $1.6 billion energy storage system supply contract with U.S. utility DTE Energy. Total supply volume is 6 GWh and deliveries will run for about two years. DTE Energy, Michigan’s largest power utility, plans to use the ESS for eight grid projects, including an Oracle AI data center in Salem Township. LG Energy Solution said production will center on its Holland, Michigan plant.

Industry

K battery makers see end of chasm tunnel, profitability within reach in Q2

South Korea\'s three major battery makers posted weak first-quarter results. LG Energy Solution and Samsung SDI swung to operating losses, and SK On is also expected to remain in the red. Brokerages see the first quarter as a cyclical trough and expect a shift to profitability from the second quarter as energy storage system sales ramp up and electric-vehicle demand recovers. Key variables include the pace of ESS revenue recognition and normalization of North American production.