- Local and state officials join global Honda and LGES executives in groundbreaking event
- New renderings offer first look at the new EV battery facility, an initial $3.5 billion investment projected to reach $4.4 billion overall
- Construction set to rapidly scale up so that the facility can be completed by the end of 2024 in support of the start of mass production at the end of 2025
- EV batteries from the facility, over 2 million sq. ft. in size, to be provided exclusively to Honda auto plants to produce EVs to be sold in North America
JEFFERSONVILLE, Ohio, February 28, 2023 – Honda and LG Energy Solution (LGES; KRX: 373220) today held the official groundbreaking ceremony for a new joint venture EV battery plant over 2 million square feet in size, to be located in Fayette County, near Jeffersonville, Ohio.
The two companies have committed to invest $3.5 billion in the new joint venture (JV) facility, with their overall investment projected to reach $4.4 billion. The facility is scheduled to be completed by the end of 2024, with plans to create 2,200 jobs, and the aim for approximately 40GWh of annual production capacity. The JV company will deliver lithium-ion batteries with cutting-edge technology to support Honda’s plan to build battery-electric vehicles (EV) in North America.
The ceremony’s attendees included Toshihiro Mibe, president and CEO of Honda Motor Co., Ltd., Dong-Myung Kim, president and head of the Advanced Automotive Battery Division of LG Energy Solution, Ohio Governor Mike DeWine, Lieutenant Governor Jon Husted, other members of state government and local community officials.
At the ceremony, the leaders of the new JV company, CEO Robert H. Lee and COO Rick Riggle, revealed a rendering of the new facility which will be located about 40 miles southwest of Columbus.
“It is an honor to represent two great corporations, Honda and LG Energy Solution, both with a long, proud history of success. LG Energy Solution is the leading battery manufacturer globally and is investing aggressively to meet demand for electrification. We are excited to embark on this partnership with Honda, a leader in the global auto industry with a reputation for quality and reliability,” said Lee. “If we harness these strengths, I have no doubt our joint venture will be the most successful battery plant in the world, and we look forward to being a part of this massive transformation toward sustainability.”
“We have talked a lot about the partnership between Honda and LG Energy Solution, but the communities of Southern Ohio are a part of this venture, too, and we see it not so much as a joint venture, but a tri-venture between our companies and the community,” said Riggle. “We share similar values and perspectives regarding the relationship we want to have with our new workforce, and this spirit of teamwork will be key to our success.”
The location of the joint venture between Honda and LGES was announced on Oct.11, 2022, and was formally established on Jan. 12, 2023. The plant aims to start mass production of pouch-type lithium-ion batteries by the end of 2025, to be provided exclusively to Honda auto plants to produce EVs to be sold in North America.
Honda also has announced plans to invest $700 million to re-tool several of its existing auto and powertrain plants in Ohio for production* of electric vehicles that will utilize the batteries made at the new JV facility. Honda plans to begin production and sales of Honda EVs in North America in 2026, based on its new Honda e:Architecture. As part of its goal to achieve carbon neutrality for all products and corporate activities by 2050, Honda has a vision to make battery-electric and fuel cell electric vehicles represent 100% of its vehicle sales by 2040.
Backed by the largest global battery manufacturing network it has established, LG Energy Solution has been carrying out its initiative to expedite the global EV transition, with its annual production capacity of 200GWh to further expand to 300GWh by the end of this year. Capitalizing on its ample R&D experience and operational expertise, LGES is devoted to providing competitive power solutions for its customers, thereby promoting the customer values and reinforcing the collective initiatives for clean energy transformation.
For more information about the joint venture battery plant, visit www.lgeshonda.com.
# # #
About LG Energy Solution
LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 25,000 patents. Its robust global network, which spans North America, Europe, Asia, and Australia, includes battery manufacturing facilities established through joint ventures with major automakers such as General Motors, Stellantis N.V., Hyundai Motor Group, and Honda Motor Co. Ltd. At the forefront of green business and sustainability, LG Energy Solution aims to achieve carbon neutral operations by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution’s ideas and innovations, visit https://www.lgensol.com/.
About Honda Motor Co., Ltd.
Honda Motor Co., Ltd. (NYSE: HMC) is responsible for the development, production and sales of automobiles, motorcycles, power products and aviation products worldwide. Honda now delivers over 30 million products annually through its three product lines. Honda and its partners build products in more than 60 manufacturing plants in 27 countries, employing about 220,000 associates globally. On a global basis by 2050, Honda is striving to achieve carbon neutrality for all products and corporate activities, as well as zero traffic collision fatalities involving Honda automobiles and motorcycles.
Media Contacts
Sally Seung Yeon Lee
Media Relations Team / LG Energy Solution
lsyciel@lgensol.com
+82 2 3773 6571
Sophia Sojeong Kim
Media Relations Team / LG Energy Solution
sophiakim32@lgensol.com
+ 82 2 3773 4496
Chris Abbruzzese
American Honda Motor Co., Inc.
Chris_Abbruzzese@na.honda.com
January 13, 2023 – LG Energy Solution (LGES; KRX: 373220) and Honda Motor Co., Ltd. (Honda) today announced the formal establishment of the joint venture (JV) which will produce lithium-ion batteries for electric vehicles (EV) produced by Honda.
The JV will begin construction of a new battery plant early this year with the goal of completion by the end of 2024 and starting mass production of advanced lithium-ion battery cells by the end of 2025. The plant aims to have an annual production capacity of approximately 40GWh. All batteries produced by the new JV will be supplied exclusively to Honda plants in North America to power battery-electric vehicles sold in North America.
The new plant will be located approximately 40 miles southwest of Columbus in Fayette County, near Jeffersonville. LGES and Honda have committed to investing $3.5 billion and creating 2,200 jobs to establish the new production facility. The companies’ overall investment related to the JV is projected to reach $4.4 billion.
<About the new JV>
Company name: L-H Battery Company, Inc. (tentative name)
Location: Jeffersonville, Ohio, U.S.A.
Capital: $ 210 million USD (Percentage of ownership: 51% LGES, 49% Honda)
Corporate officers: Robert H. Lee, CEO (Currently Executive Vice President, North America Regional Group Leader of LGES)
Rick Riggle, COO (Previously Plant Lead of Anna Engine Plant of Honda Development and Manufacturing of America)
- Comments by Robert H. Lee, CEO of L-H Battery Company, Inc.
“LG Energy Solution has all the right assets to make this joint venture a success, including the financial stability, quality, competitiveness, and production capacity with global operational expertise,” said Robert H. Lee. “With two companies’ expertise combined, we will provide top quality batteries to ensure the successful launch of Honda EVs in North America, and grow with the community here in Ohio by creating high value jobs.”
- Comments by Rick Riggle, COO of L-H Battery Company, Inc.
“The formal establishment of this joint venture between LG Energy Solution and Honda to produce EV batteries in Ohio is another major step toward our electrified future,” said Rick Riggle. “We are excited to move forward with such a strong partner in LG Energy Solution and, together, we look forward to establishing a strong relationship with the community in Fayette County, Ohio.”
# # #
About LG Energy Solution
LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 25,000 patents. Its robust global network, which spans North America, Europe, Asia, and Australia, includes battery manufacturing facilities established through joint ventures with major automakers such as General Motors, Stellantis N.V., Hyundai Motor Group, and Honda Motor Co. Ltd. At the forefront of green business and sustainability, LG Energy Solution aims to achieve carbon neutral operations by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution’s ideas and innovations, visit https://www.lgensol.com.
Honda Motor Co., Ltd. (NYSE: HMC) is responsible for the development, production and sales of automobiles, motorcycles, power products and aviation products worldwide. Honda now delivers over 30 million products annually through its three product lines. Honda and its partners build products in more than 60 manufacturing plants in 27 countries, employing about 220,000 associates globally. On a global basis by 2050, Honda is striving to achieve carbon neutrality for all products and corporate activities, as well as zero traffic collision fatalities involving Honda automobiles and motorcycles.
For all media inquiries, please contact:
LG Energy Solution Media Team
Sally Seung Yeon Lee： lsyciel@lgensol.com +82-2-3773-6571
Sophia Sojeong Kim： sophiakim32@lgensol.com +82-2-3773-4496
Honda
NA Corporate Communications, American Honda
Chris_Abbruzzese@na.honda.com +1-614-361-8016
- New joint venture company to produce battery modules in Fayette County, Ohio
- EV batteries produced at JV plant to be provided to Honda plants for EV production
MARYSVILLE, Ohio, October 11, 2022 – Honda and LG Energy Solution (LGES; KRX: 373220) today announced that their new joint venture (JV) battery plant will be located in Fayette County, Ohio, about 40 miles southwest of Columbus, where the two companies will commit to investing $3.5 billion and creating 2,200 jobs, pending final government approvals. The companies’ overall investment related to the JV is projected to reach $4.4 billion.
The joint venture between Honda and LGES will be formally established in 2022, pending regulatory approvals. The two companies plan to begin construction in early 2023, in order to complete the new production facility by the end of 2024. The plant aims to have approximately 40GWh of annual production capacity as it starts mass production of pouch-type lithium-ion batteries by the end of 2025.
Honda already has announced plans to begin production* and sales of Honda EVs in North America in 2026, based on its new Honda e:Architecture. The EV batteries produced at the new JV plant will be provided to Honda auto plants to produce EVs to be sold in North America.
“In another major step toward electrification, LG Energy Solution’s innovative battery technologies will not only power Honda’s brand-new EV models but support Ohio’s green economy. We extend our gratitude to everyone who played a role in making this happen,” said Dong-Myung Kim, Executive Vice President of Advanced Automotive Battery Division at LG Energy Solution. “With our commitment to building the world-best quality products, together with Honda, we look forward to not only creating thousands of quality jobs here in Ohio, but growing together with the community.”
In April 2022, Honda Motor Co., Ltd. announced that it was exploring the possibility of creating a joint venture company for battery production in North America, and that the battery plant would be established near a dedicated EV production line to be created in North America. The joint venture with LGES represents the fulfillment of this strategy.
“Honda is proud of our history in Ohio, where our U.S. manufacturing operations began more than four decades ago. Now, as we expand Honda’s partnership with Ohio, we are investing in a workforce that will create the power source for our future Honda and Acura electric vehicles,” said Bob Nelson, executive vice president of American Honda Motor Co., Inc. “We want to thank the leaders of the state of Ohio, as well as in Fayette County, Jefferson Township, Jeffersonville, and Washington Court House for welcoming this new joint venture between Honda and LG Energy Solution and giving us another Ohio community to call home.”
This latest JV announcement with Honda reflects the recently announced LG Energy Solution’s mid- to long-term strategy to focus on North America, the fastest growing EV market. LGES plans to further expand its production capacity in the region, as well as reinforce its local supply chain for key critical minerals.
As part of its goal to achieve carbon neutrality for all products and corporate activities by 2050, Honda announced a vision to make battery-electric and fuel cell electric vehicles represent 100% of its vehicle sales by 2040.
# # #
About LG Energy Solution
LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 25,000 patents. Its robust global network, which spans North America, Europe, Asia, and Australia, includes battery manufacturing facilities established through joint ventures with major automakers such as General Motors, Stellantis N.V., Hyundai Motor Group, and Honda Motor Co. Ltd. At the forefront of green business and sustainability, LG Energy Solution aims to achieve carbon neutral operations by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution’s ideas and innovations, visit https://www.lgensol.com.
About Honda Motor Co., Ltd.
Honda Motor Co., Ltd. (NYSE: HMC) is responsible for the development, production and sales of automobiles, motorcycles, power products and aviation products worldwide. Honda now delivers over 30 million products annually through its three product lines. Honda and its partners build products in more than 60 manufacturing plants in 27 countries, employing about 220,000 associates globally. On a global basis by 2050, Honda is striving to achieve carbon neutrality for all products and corporate activities, as well as zero traffic collision fatalities involving Honda automobiles and motorcycles.
Media Contacts:
Sally Seung Yeon Lee
Global Communications Team / LG Energy Solution lsyciel@lgensol.com
+82 2 3773 6571
Sophia Sojeong Kim
Global Communications Team / LG Energy Solution
sophiakim32@lgensol.com
+ 82 2 3773 4496
American Honda Motor Co., Inc.
Chris Abbruzzese
Chris_Abbruzzese@na.honda.com
Seoul, Korea, August 29, 2022 – LG Energy Solution (LGES; KRX: 373220) and Honda Motor Co., Ltd. (NYSE:HMC) today announced an agreement to establish a joint venture (JV) company to produce lithium-ion batteries in the U.S. to power Honda and Acura EV models for the North American market.
With this agreement, LGES and Honda will invest a total of USD $4.4 billion and establish a new JV plant in the U.S. The plant aims to have an annual production capacity of approximately 40GWh.
The pouch-type batteries produced at the new JV plant will be supplied exclusively to Honda facilities in North America. While the location for the joint venture plant is yet to be finalized, based on Honda’s plans for EV production in North America, the two companies aim to begin construction in early 2023, in order to enable the start of mass production of advanced lithium-ion battery cells by the end of 2025.
LGES and Honda made the decision to establish the joint venture battery plant in the U.S., based on the shared belief that expanding local electric vehicle production and ensuring the timely supply of batteries would put them in the best position to target the rapidly-growing North American EV market.
“Our joint venture with Honda, which has significant brand reputation, is yet another milestone in our mid- to long-term strategy of promoting electrification in the fast-growing North American market,” said Youngsoo Kwon, CEO of LG Energy Solution. “Since our ultimate goal is to earn our valued customers’ trust and respect, we aspire to position ourselves as a leading battery innovator, working with Honda in achieving its core initiatives for electrification, as well as providing sustainable energy solutions to discerning end consumers.”
“Honda is working toward our target to realize carbon neutrality for all products and corporate activities the company is involved in by 2050,” said Toshihiro Mibe, President, CEO and Representative Director of Honda Motor Co., Ltd. “Aligned with our longstanding commitment to build products close to the customer, Honda is committed to the local procurement of EV batteries which is a critical component of EVs. This initiative in the U.S. with LGES, the leading global battery manufacturer, will be part of such a Honda approach.”
The joint venture is scheduled to be established in 2022. The closing is subject to customary closing conditions, including regulatory approvals.
# # #
About LG Energy Solution
LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 24,000 patents. Its robust global network, which spans North America, Europe, Asia, and Australia, includes battery manufacturing facilities established through joint ventures with major automakers such as General Motors, Stellantis N.V. and Hyundai Motor Group. At the forefront of green business and sustainability, LG Energy Solution aims to achieve carbon neutral operations by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution’s ideas and innovations, visit https://www.lgensol.com.
About Honda Motor Co., Ltd.
Honda Motor Co., Ltd. (NYSE: HMC) is responsible for the development, production and sales of automobiles, motorcycles, power products and aviation products worldwide. Honda now delivers over 30 million products annually through its three product lines. Honda and its partners build products in more than 60 manufacturing plants in 27 countries, employing about 220,000 associates globally. On a global basis by 2050, Honda is striving to achieve carbon neutrality for all products and corporate activities, as well as zero traffic collision fatalities involving Honda automobiles and motorcycles.
Media inquiries:
Sally Seung Yeon Lee
Global Communications Team / LG Energy Solution
lsyciel@lgensol.com
+82 2 3773 6571
Sophia Sojeong Kim
Global Communications Team / LG Energy Solution
sophiakim32@lgensol.com
+ 82 2 3773 4496
Corporate Communications Department, Honda Motor Co., Ltd.
hondapr@jp.honda
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