Latest news with #LGEnergySolution
Yahoo
3 days ago
- Automotive
- Yahoo
LGES, Samsung to produce LFP batteries in the US with GM
South Korean electric vehicle (EV) battery manufacturers LG Energy Solution (LGES) and Samsung SDI Company have agreed to install lithium iron phosphate (LFP) battery production lines at their respective joint venture plants with General Motors (GM) the US, according to reports in South Korea citing people familiar with the matter. LGES' joint venture with GM, called Ultium Cells LCC, currently has two battery plants in the US, in Tennessee and Ohio, which were completed in 2024 and 2022, respectively, and produce high-nickel-cobalt-manganese (NCM) batteries. GM has requested that some of the production lines be switched to cheaper LFP battery cells, to help lower its battery electric vehicle (BEV) production costs and allow it to offer a broader range of battery options in its BEVs in the North American market. GM hopes to lift its BEV sales in the region by offering both types of batteries in its vehicles, with the more expensive nickel-rich NCM batteries used mainly in its premium BEVs and LFP batteries used in its mass-market models, giving it access to a broader customer base. The US automaker is understood to be planning to offer LFP batteries in five of its seven existing BEV models, including the Chevrolet Bolt, Equinox, Blazer and Silverado EV. LGES and GM are also developing lithium-manganese-rich (LMR) batteries, which are expected to offer good performance characteristics while retaining the low-cost advantages of LFP batteries. Ultium Cells is expected to begin production of LMR batteries in 2028. Samsung SDI has also agreed to switch some production lines at its joint venture plant in Indiana. The facility, which is scheduled to become operational in 2027, was originally designated to produce only NCM batteries, but will now also produce the cheaper LFP battery cells. "LGES, Samsung to produce LFP batteries in the US with GM" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
4 days ago
- Business
- Miami Herald
CPS Energy cooperates with South Korea's OCI, LG
SEOUL, May 27 (UPI) -- Texas-based CPS Energy plans to team up with two South Korean companies to collaborate on a large-sized energy storage system project. OCI Holdings announced Tuesday that its U.S. subsidiary, OCI Energy, signed a three-party memorandum of understanding with CPS Energy and LG Energy Solution. Under the agreement, OCI Energy is set to secure ESS batteries from LG Energy Solution. With them, it will store solar energy generated during the day and sell the electricity to CPS Energy. As one of the largest municipally owned electric and natural gas utilities in the United States, CPS Energy serves around 1.28 million customers in Texas. LG Energy Solution is a global battery maker. OCI expects that the first task for the three sides will be the "Alamo City ESS LLC" project, which is scheduled for completion by the end of next year. To enable the project, a solar power plant is under construction on a 35-acre site in southeastern Bexar County, Texas. OCI strives to integrate a 120MW solar photovoltaic system with a 480MWh ESS, which would be enough to meet power demand for roughly 41,000 households for a day. As a separate investment aimed at expanding its U.S. business, OCI disclosed in March its plan to invest $265 million in building a solar cell manufacturing plant in San Antonio, Texas. Texas faces mounting power demand from various customers like data centers. The state is a key location for data centers, including those run by OpenAI and Oracle. OCI Energy's head office is also located in Texas. The Center for Strategic and International Studies predicted that power demand from U.S. AI data centers would surge 21 times between 2024 and 2030. "Going forward, we will further strengthen our collaboration with LG Energy Solution and CPS Energy to ensure sustainable electricity supply through our North American ESS projects and address the intermittency of solar energy," OCI said in a statement. Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
4 days ago
- Business
- UPI
CPS Energy cooperates with South Korea's OCI, LG
The Texas-based CPS Energy announced plans to cooperate with South Korea's LG and OCI Energy. File Photo by James Atoa/UPI | License Photo SEOUL, May 27 (UPI) -- Texas-based CPS Energy plans to team up with two South Korean companies to collaborate on a large-sized energy storage system project. OCI Holdings announced Tuesday that its U.S. subsidiary, OCI Energy, signed a three-party memorandum of understanding with CPS Energy and LG Energy Solution. Under the agreement, OCI Energy is set to secure ESS batteries from LG Energy Solution. With them, it will store solar energy generated during the day and sell the electricity to CPS Energy. As one of the largest municipally owned electric and natural gas utilities in the United States, CPS Energy serves around 1.28 million customers in Texas. LG Energy Solution is a global battery maker. OCI expects that the first task for the three sides will be the "Alamo City ESS LLC" project, which is scheduled for completion by the end of next year. To enable the project, a solar power plant is under construction on a 35-acre site in southeastern Bexar County, Texas. OCI strives to integrate a 120MW solar photovoltaic system with a 480MWh ESS, which would be enough to meet power demand for roughly 41,000 households for a day. As a separate investment aimed at expanding its U.S. business, OCI disclosed in March its plan to invest $265 million in building a solar cell manufacturing plant in San Antonio, Texas. Texas faces mounting power demand from various customers like data centers. The state is a key location for data centers, including those run by OpenAI and Oracle. OCI Energy's head office is also located in Texas. The Center for Strategic and International Studies predicted that power demand from U.S. AI data centers would surge 21 times between 2024 and 2030. "Going forward, we will further strengthen our collaboration with LG Energy Solution and CPS Energy to ensure sustainable electricity supply through our North American ESS projects and address the intermittency of solar energy," OCI said in a statement.
Business Recorder
5 days ago
- Business
- Business Recorder
South Korean won strengthens on broad dollar weakness
SEOUL: Round-up of South Korean financial markets on Tuesday: The South Korean won rose along with most Asian peers due to a broad weakness in the dollar as investors await fresh breakthroughs in trade negotiations between Washington and its major trading partners. The won was quoted at 1,368.0 per dollar on the onshore settlement platform, 0.18% higher than its previous close at 1,370.5. The KOSPI index declined, while the benchmark bond yield fell. The benchmark KOSPI was down 12.69 points, or 0.48%, at 2,631.71 as of 0305 GMT. Among index heavyweights, chipmaker Samsung Electronics fell 1.28%, while peer SK Hynix lost 0.25%. Battery maker LG Energy Solution slid 2.70%. Hyundai Motor and sister automaker Kia Corp were down 0.38% and up 0.11%, respectively. Steelmaker POSCO Holdings shed 1.86%, while drugmaker Samsung BioLogics fell 1.15%. South Korea's May consumer sentiment index reached the highest since October 2024, the Bank of Korea data showed. Of the total 934 traded issues, 322 shares advanced, while 555 declined. The BOK will lower its key policy rate by 25 basis points on Thursday as economic activity contracted in the last quarter and benign inflation supports the case for easing, a Reuters poll of economists found. Foreigners were net buyers of shares worth 32.0 billion won. In offshore trading, the won was quoted at 1,368.1 per dollar, down 0.0% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,364.2. The KOSPI has risen 9.68% so far this year. The won has strengthened 7.6% against the dollar so far this year. In money and debt markets, June futures on three-year treasury bonds lost 0.01 point to 107.49.
South China Morning Post
6 days ago
- Automotive
- South China Morning Post
In picking Hong Kong over New York, CATL's IPO was a strategic move
Chinese battery giant Contemporary Amperex Technology Limited (CATL) has made headlines again – this time for its US$4.6 billion debut on the Hong Kong stock exchange, the world's largest initial public offering this year. CATL's shares surged as much as 18 per cent, a signal of both investor confidence and the company's carefully orchestrated industrial dominance. Beyond a financial triumph, it was a strategic manoeuvre in a rapidly changing geopolitical and industrial landscape. In opting for Hong Kong, CATL signalled a clear intention: to distance itself from mounting US regulatory pressure while deepening financial ties with more receptive markets across Asia, the Middle East and Europe. This approach underscores the growing multipolarity of global finance and technology, where innovation and capital flow freely outside traditional Western centres of gravity. In avoiding Wall Street, CATL is hedging against the uncertainties tied to US-China tensions. With Washington increasing scrutiny over Chinese tech firms, particularly those involved in energy and critical infrastructure, raising capital in New York has become more political than financial. For CATL, it's not just about raising money – it's about charting a path of financial independence and resilience in a world of fragmented alliances. CATL commands 38 per cent of the global electric vehicle battery market, comfortably ahead of rivals BYD and LG Energy Solution . That kind of dominance doesn't happen by accident. CATL has cultivated long-term relationships with industry titans such as Tesla, BMW and Volkswagen. These aren't just supply arrangements – they are strategic collaborations that include manufacturing ventures, research and development partnerships, and shared road maps for next-generation battery technologies. This deep integration gives CATL a unique position within the EV ecosystem. Its clients are not merely customers; they are co-investors in CATL's future. This translates into greater security of demand, faster deployment of new battery chemistries and an expanding global footprint. In an industry where scale and speed are decisive, CATL checks both boxes, and then some.
