LG Energy Solution and General Motors (GM) will be expanding their 14-year battery technology partnership. The companies have agreed to jointly develop prismatic battery cells and related chemicals for GMʼs future electric vehicles. According to the company, this makes LG the first battery manufacturer to offer all three formats: pouch and cylindrical as well as prismatic cells.
GM to sell stake in Lansing plant to LG
GM has also announced that it will sell its stake in the Ultium Cells battery plant in Lansing, Michigan, to LG Energy Solution. The facility is nearing completion and is expected to begin volume production in 2025 with the transaction being expected to close in the first quarter. GM claims the sale will not affect its ownership interest in Ultium Cells as a whole. Through the acquisition, LG will gain access to the factory to begin installing equipment. When completed, the Lansing facility will have a production capacity of 41 gigawatt-hours of battery cells on an area of approximately 260,000 square feet. According to the companies, the total investment amounts to 2.6 billion US dollars.
Sources:
https://www.lgcorp.com/media/release/28424
https://investor.gm.com/news-releases/news-release-details/gm-sell-stake-lansing-battery-cell-plant-partner-lg-energy
