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Supply agreement will last over five years and total 67GWh. 4695 cells, offering a long range and high safety, will be produced in the U.S. Batteries will power Rivian's R2 model for the North American market. SEOUL, South Korea, Nov. 8, 2024 /PRNewswire/ -- LG Energy Solution (KRX: 373220) today announced that LG Energy Solution Arizona, a fully owned subsidiary of LG Energy Solution, has signed a supply agreement with Rivian, a U.S.-based automotive manufacturer.
Under the agreement, LG Energy Solution will provide Rivian with its advanced 4695 cylindrical batteries for over five years, totaling 67GWh.
With a diameter of 46mm and height of 95mm, the next-generation 4695 cylindrical battery is recognized for offering both a long range and high safety. It features over six times the capacity of the existing 2170 cylindrical batteries. Its larger size enables higher energy density, improved space efficiency, and enhanced safety, which is attracting industry-wide attention.
Within the first year of production, the batteries will be eventually manufactured at LG Energy Solution's stand-alone plant in Arizona, and delivered to Rivian's facility in Normal, Illinois, for use in the R2 model for the North American market.
LG Energy Solution has been advancing its cylindrical battery technology over the past 20 years, supported by its extensive manufacturing experience and broad patent portfolio.
The supply agreement with Rivian is expected to further strengthen LG Energy Solution's presence in the U.S. market and its plans to actively respond to the IRA by developing and supplying competitive battery cells in a timely manner while expanding into new markets.
Given the strong interest from automakers in its 46-series cylindrical batteries, LG Energy Solution also expects to extend its leadership in this growing sector.
"Due to the dynamic nature of the current EV market, an increasing number of global automakers are demonstrating a strong preference for a diverse range of battery form factors," said David Kim, CEO of LG Energy Solution. "This large-scale order from Rivian for 4695 batteries marks a key milestone for LG Energy Solution in expanding its client base within the cylindrical battery segment."
About LG Energy Solution
Within the first year of production, the batteries will be eventually manufactured at LG Energy Solution''s stand-alone plant in Arizona, and delivered to Rivian''s facility in Normal, Illinois, for use in the R2 model for the North American market.
The supply agreement with Rivian is expected to further strengthen LG Energy Solution''s presence in the U.S. market and its plans to actively respond to the IRA by developing and supplying competitive battery cells in a timely manner while expanding into new markets.
"Due to the dynamic nature of the current EV market, an increasing number of global automakers are demonstrating a strong preference for a diverse range of battery form factors," said David Kim, CEO of LG Energy Solution. "This large-scale order from Rivian for 4695 batteries marks a key milestone for LG Energy Solution in expanding its client base within the cylindrical battery segment."
About LG Energy Solution
LG Chem announces full-scale operation of customer solution (CS) center in Ohio, U.S., spanning 8,300 square meters over three floorsLG Chem plans to expand and strengthen its presence in North America through synergies with its ABS compounds plants in Ohio SEOUL, South Korea, Aug. 29, 2024 /PRNewswire/ -- LG Chem announced today that it has inaugurated a new customer solution (CS) center dedicated to providing personalized support to its customers across North America.
Located in the city of Ravenna, Ohio, the new CS center will stand as a specialized organization offering comprehensive technical solutions for product development, quality improvement and productivity enhancement for LG Chem's customers and suppliers.
The grand opening ceremony was attended by key executives including Noh Kug-Lae, Head of Petrochemicals at LG Chem, and Frank Seman, Mayor of Ravenna.
"We believe our customers are at the core of our business," said Shin Hak-Cheol, CEO of LG Chem, in his prepared congratulatory message. "We are committed to improving, inspiring and transforming the lives of our customers in every possible way."
LG Chem has been constructing this center since September 2021 with an investment of approximately KRW 70 billion. The three-story building spans around 8,300 square meters and is equipped with mass-production extrusion and injection machinery. With the completion of the center, LG Chem plans to strengthen its presence in the North American market through synergies with its acrylonitrile butadiene styrene (ABS) compound plant, which began full-scale operation in Ohio in May.
The North American market, which accounts for 10 percent of global ABS demand, has a low self-sufficiency rate and a strong preference for local companies and products. In particular, due to growth in the automotive and building materials industries, there is a steadily increasing demand for high-value ABS, known for its exceptional heat and weather resistance.
Ohio's excellent advantages in logistics and transportation and proximity to LG Chem's major ABS customers make it a strategically favorable location for LG Chem to expand its presence in the North American region and strengthen its customer responsiveness.
LG Chem is now operating CS centers across four countries/regions: Korea (Osan), China (Huadong, Huainan), Europe (Germany), and the U.S. (Ohio).
About LG Chem
Located in the city of Ravenna, Ohio, the new CS center will stand as a specialized organization offering comprehensive technical solutions for product development, quality improvement and productivity enhancement for LG Chem''s customers and suppliers.
The grand opening ceremony was attended by key executives including Noh Kug-Lae, Head of Petrochemicals at LG Chem, and Frank Seman, Mayor of Ravenna.
"We believe our customers are at the core of our business," said Shin Hak-Cheol, CEO of LG Chem, in his prepared congratulatory message. "We are committed to improving, inspiring and transforming the lives of our customers in every possible way."
LG Chem has been constructing this center since September 2021 with an investment of approximately KRW 70 billion. The three-story building spans around 8,300 square meters and is equipped with mass-production extrusion and injection machinery. With the completion of the center, LG Chem plans to strengthen its presence in the North American market through synergies with its acrylonitrile butadiene styrene (ABS) compound plant, which began full-scale operation in Ohio in May.
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