Under this definitive agreement,the companies will develop prismatic battery cell technology and affiliated chemistries for GM's future EVs

The agreement marks an extension of the two companies' successful 14-year battery technology partnership

LG Energy Solution to become the first global battery manufacturer to offer all three form factors (pouch-type,cylindrical,prismatic)

SEOUL,South Korea,Dec. 3,2024 --LG Energy Solution (KRX: 373220) today announced a new partnership agreement with General Motors (GM) for prismatic battery cell technology,marking an extension of the two companies' solid 14-year battery technology partnership.

Under this new definitive agreement,the companies will jointly develop prismatic battery cell technology and affiliated chemistries,and once the partnership comes to fruition,the prismatic cell technology developed under the agreement will power future GM electric vehicles (EV).

The achievement will be a significant milestone for LG Energy Solution,as it becomes the first global battery manufacturer to offer all three form factors (pouch-type,prismatic). It also highlights the companies' robust partnership and the success of their Ultium Cells joint venture,which has created thousands of jobs in the U.S. through its plants in Ohio and Tennessee.

Prismatic battery cells feature a flat,rectangular shape with a rigid enclosure,which allows for space-efficient packaging within battery modules and packs. LG Energy Solution has already secured competitiveness in prismatic cells,with the experience of actual prismatic cell production and extensive patent portfolio on battery design and manufacturing technologies,including packaging. The company also aims to leverage its world-best stacking technology,as manufacturing best practices are shifting from winding to stacking in prismatic cell structures. As such,capitalizing on its proven capabilities in materials and manufacturing technologies,LG Energy Solution will deliver differentiated prismatic solution to address the diversifying needs of its customers.

Once the prismatic cell comes onboard,the company will further reinforce its market leadership,along with its pouch-type cells and cylindrical cells. With its expanded product portfolio,LG Energy Solution aims to offer efficient and safe power solutions that address different needs in each EV segment,thereby supporting global mass EV adoption.

"LG Energy Solution is proud to be expanding its relationship with one of its strongest partners,GM. Together with GM,we've made tremendous progress already and look forward to deepening our collaboration to drive the right chemistry and battery combinations for continued growth in the EV market,"said Wonjoon Suh,Executive Vice President and head of the company's Advanced Automotive Battery division.

"Together with LG Energy Solution,we've built Ultium Cells into one of the largest battery cell manufacturers in North America,creating thousands of advanced technology jobs in the U.S. and powering our diverse EV portfolio," said Kurt Kelty,GM vice president of battery cell and pack. "We're focused on optimizing our battery technology by developing the right battery chemistries and form factors to improve EV performance,enhance safety,and reduce costs. By extending our partnership with LG Energy Solution,we're taking an important step towards these goals,GM vice president of battery cell and pack. 

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 58,000 patents. Its robust global network,which spans North America,Europe,and Asia,includes battery manufacturing facilities established through joint ventures with major automakers. Committed to building sustainable battery ecosystem,LG Energy Solution aims to achieve carbon neutrality across its value chain 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://news.lgensol.com.