LG Energy Solution Buys Stake In Chinese Battery Materials Company Greatpower: Report

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  • LG Energy Solution, a subsidiary of LG Chem said in a statement it had secured a total of 20,000 tonnes of the battery ingredient nickel from Shanghai-based Greatpower over six years starting in 2023
  • LG Chem already has a battery material production venture in China alongside Zhejiang Huayou Cobalt

As per a report by Reuters,South Korean battery maker LG Energy Solution will pay 35 billion won ($30 million) for a 4.8 per cent stake in China’s Greatpower Nickel and Cobalt Materials Co and has secured six years of nickel supply from the company, it said.The investment deepens LG’s presence in the world’s biggest electric vehicle (EV) market.

LG Energy Solution, a subsidiary of LG Chem said in a statement it had secured a total of 20,000 tonnes of the battery ingredient nickel from Shanghai-based Greatpower over six years starting in 2023. It said that this would be enough for 370,000 EVs.

LG Chem already has a battery material production venture in China alongside Zhejiang Huayou Cobalt.In its own statement, Greatpower said the tie-up would “ensure stable supply of key raw materials required for the production of electric vehicle batteries”.

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