LG Energy Acquires Full Ownership of Canada Battery JV NextStar Energy from Stellantis
LG Energy Solution will acquire Stellantis's 49% stake in the Canada-based battery joint venture, NextStar Energy, for $100 on June 30. LG aims to enhance its service capabilities to a broader customer base, including the energy storage sector. The companies have invested over C$5 billion (USD$3.7 billion) in NextStar since its inception in 2022. Stellantis's decision follows a strategic business reset, taking a €22.2 billion (USD$26 billion) charge to adjust its EV plans amid declining demand.
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LG Energy Solution will take full ownership of NextStar Energy by acquiring Stellantis's 49% stake for $100, effective June 30. This acquisition aims to support a broader customer base, including the energy storage system industry.
Since the joint venture's establishment in 2022, over C$5 billion (USD$3.7 billion) has been invested. Stellantis is also restructuring its business, incurring a €22.2 billion (USD$26 billion) charge to realign its electric vehicle plans amid declining market demand. LG Energy Solution plans to expand its focus on energy storage systems, targeting over 60 GWh of global capacity this year.
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