LG Energy Solution (LGES) has announced its first official corporate strategy, “Empower Every Possibility,” aiming to expand its business beyond battery production to encompass the entire value chain. The company seeks to reduce its dependence on the electric vehicle (EV) sector and plans to double its revenue by 2028.
Established in 2020 as a subsidiary of LG Chem, LGES intends to diversify its business portfolio by expanding into non-EV markets and broadening its product and customer base. This includes venturing into high-potential areas such as urban air mobility (UAM), maritime vessels, and robotics.
To enhance product competitiveness, LGES plans to advance its offerings in lithium iron phosphate (LFP), lithium manganese iron phosphate (LMFP), and high-voltage mid-nickel batteries alongside its premium high-nickel chemistry products. This strategy strengthens the company’s position in more affordable markets.
In addition to product diversification, LGES aims to establish a foundation for software and service businesses. The company will offer services like battery leasing, rental, and recycling to build a comprehensive Battery-as-a-Service (BaaS) ecosystem. It also plans to evolve its Energy-as-a-Service (EaaS) model to contribute to energy stabilization and promote a circular energy economy.
Focusing on innovation, LGES is determined to secure a leading position in next-generation battery technologies, including solid-state batteries. The company intends to produce anodeless products that exclude lithium anodes and develop graphite-based anode products by 2028. Through these efforts, LGES aims to capture a significant market share in the U.S. ESS battery market.
David Kim, CEO of LG Energy Solution, commented on the new strategy: “Our vision encapsulates LG Energy Solution’s ultimate goal of enabling sustainable growth. The meaning of this vision is to expand our business with energy that awakens all potential powers, thereby enabling the company and its members to realize infinite growth potential.”
Source: LG Corp
