“LG Energy Solutions,” the battery unit of LG Chem that has been spun off, will be launched on Tuesday. By offering a comprehensive set of battery-related services from battery production to reuse, the new company aims to surpass China’s CATL and Japan’s Panasonic to become the number one energy solutions provider in the world.
According to a source from the battery industry on Monday, LG Chem PresidentKim Jong-hyeon will be appointed as the CEO of LG Energy Solutions in a board meeting on Tuesday, hailing a new beginning. Lee Chang-sil, who has been in charge of the business side of the battery unit, will become the CFO of the company and lead the IPO efforts. About 6,600 employees in the battery unit will be also transferred to the new company on Tuesday.
The goal of LG Energy Solutions is to get a fair evaluation of the company and become a top player in the market. It aims to make 30 trillion won in sales by 2024. It is already on its way to surpassing last year’s sales of 8.35 trillion won with its sales to September at 8.227 trillion won. Its growth is expected to accelerate with orders worth 150 trillion won to deliver.
Meanwhile, LG Chem is seeking change. It hired Chung In-hee, former special advisor at the Global Green Growth Institute that has 26 member nations including South Korea, Australia and Indonesia to make its business more sustainable.
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