LG Energy Solution aims for circular energy business

LG Energy Solution (LGES) CEO Kim Dong-myung introduces the company's corporate vision to employees at LG Science Park in Seoul in this Oct. 7 photo. Courtesy of LGES LG Energy Solution (LGES) aims to be recognized as a key player at the heart of the global circular energy ecosystem, rather than just a battery manufacturer.

Based on its corporate vision, Empower Every Possibility, the company has been pushing ahead with expansion into the software and services business, building a more sustainable energy ecosystem. Additionally, LGES aims to double its revenue by 2028. The company reported a revenue of 33.



7 trillion won ($24 billion) in 2023. To achieve this goal, the battery firm said that it will focus more on energy storage systems (ESS), as well as new application businesses with high growth potential such as urban air mobility, vessels and robotics, to construct a more resilient business structure that can withstand market fluctuations. The company also plans to diversify its electric vehicle, or EV, battery products and customers by improving its competitiveness in affordable markets with LFP (lithium iron phosphate), LMFP (lithium manganese iron phosphate) and high-voltage mid-nickel batteries.

It also aims for the top spot in the global mobility and IT battery market and in the United States' ESS battery market by 2028, solidifying its lead in the North American automotive battery market. “We have established global standards in the battery industry with our long-standing legacy in the business and will continue to maintain our industry leader status,” LGES CEO Kim Dong-myung said. “I am confident that if we support each other as pacesetters and join hands, our long journey will lead us to even more wonderful landscapes and futures.

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