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Solidcore Resources plc (“Solidcore” or the “Company”) is pleased to announce that it has entered into an agreement with Berkut Mining LLP (“Partner”), a subsidiary of Lancaster Group (multidisciplinary holding company), to acquire 55% interest in Syrymbet, an undeveloped polymetallic deposit located in North-Kazakhstan region. “Syrymbet is a polymetallic deposit with tin as a major component, which perfectly fits our strategy of enhancing and diversifying Solidcore’s exposure to the green transition. Management believes the project will benefit from the Company’s execution expertise and successful track record in out-of-the box processing strategies”, said Vitaly Nesis, Group CEO of Solidcore Resources plc. “Together with the Partner, we are committed to driving the project forward while ensuring sustainable practices. We are aiming for Board approval for construction in 2025”. HIGHLIGHTS The Syrymbet licence covers the area of over 10 km2 and is located in the Ayirtau district of the North-Kazakhstan region. Under the agreement, Solidcore will acquire a 55% interest in а private company “Tin One Holding” which indirectly holds the subsoil licence for Syrymbet, for the total cash consideration of US$ 82.5 million. The transaction will be financed from the Company’s existing cash resources and is expected to complete in Q4 2024, subject to obtaining of the required regulatory approvals. In 2024, Solidcore completed 3 km of drilling, aimed at validating historical exploration results and conducting metallurgical studies. The deposit is suitable for open-pit mining. Solidcore will refine the existing approach to processing to accelerate path to production, optimise capital expenditures and reduce environmental footprint of the project. The partnership with Lancaster Group is a strategic alignment that allows to apply joint extensive experience to develop such a technologically complex polymetallic deposit as Syrymbet. Solidcore will be working closely with the Partner to accelerate project development, aiming to secure Board approval for construction in 2025. The project will bring about social investments in the region and create a significant number of permanent jobs with a focus on the local workforce. STRATEGIC RATIONALE Syrymbet fits well with Solidcore’s strategy in the following ways: Large asset with good exploration upside; Metal portfolio diversification with green transition exposure; Potential for fast development approach based on open-pit mining and conventional processing; Balanced risk-sharing ownership structure, providing Solidcore with the Partner’s valuable expertise and support, while allowing the Company to retain operational control over the project. ABOUT THE PROPERTY The Syrymbet licence area covers 10.15 km2 and is located in the Ayirtau district of the North-Kazakhstan region. The property is located 280 km from the regional centre, Petropavl (population of approx. 220,000), and 80 km from Kokshetau (population of approx. 180,000), an administrative centre of Aqmola Region. Currently, the property is accessible by unpaved roads and via the Ugolki railway station with loading facility under construction (30 km away). Full-scale operations will have access to a 220 kW power station located 27 km away. Syrymbet was discovered in 1985, with further exploration activities and assessment works conducted between 1986 and 2012. A Mineral Resource estimate in accordance with the JORC Code (2012) was completed in 2015, followed by a pre-feasibility study in 2016. An updated Mineral Resource estimate was issued in 2018 as a part of the Definitive Feasibility Study. Technological studies and metallurgy design were continued between 2018 and 2020. A JORC-compliant Mineral Resource estimate comprised 492.4 Kt of tin at a grade of 0.40% and 91.4 Kt of copper at a grade of 0.07% (5.9 Moz of GE[1]). The deposit is a complex rare-earth-polymetallic deposit (Sn, W, Cu, CaF2) occurring within favorable lithological and structural settings. Four mineralisation zones within Syrymbet ore field are comprised of oxide and sulphide ore. ABOUT TIN Tin (periodic table symbol Sn) is a silvery-white, malleable metal with a slight blue hue. Although scarce, with only 0.001% found in the earth’s crust, tin is not considered rare. It is primarily found in cassiterite ores, often alongside base and rare earth metals. Tin’s unique properties and recyclability position it as a crucial material in production: the key applications include electronics, where it is essential for soldering, as well as in alloys, tin plating, and emerging technologies such as lithium-ion batteries for electric vehicles and photovoltaic cells for solar panels. Enquiries Investor Relations Media Kirill Kuznetsov Alina Assanova +7 7172 47 66 55 (Kazakhstan) ir@solidcore-resources.com Yerkin Uderbay +7 7172 47 66 55 (Kazakhstan) media@solidcore-resources.kz
MELBOURNE, Australia, Oct. 31, 2024 /PRNewswire/ -- Yutong Bus ("Yutong", SHA: 600066), a globally leading commercial vehicle manufacturer, has recently completed a battery endurance and mileage challenge of traveling 555 kilometers in a single full charge in Australia, promoting green mobility with advanced solutions for the transformation of public transport.  Think Eco, Move Green: Yutong Bus Completes Battery Mileage Challenge in Australia, Promotes Electric Transformation of Public Transport with Groundbreaking Technology Platform A Yutong C12E fully electric bus that has been operating for two and a half years successfully traveled 285 kilometers from suburb Melbourne, Preston, to Kiama roundtrip with 50 percent of battery level and power consumption at 0.63kWh/km. It traveled through diverse road conditions, including city roads, highways and mountain roads. "In the electrification transformation of public transformation, there are many challenges and bottlenecks including mileage limitation, battery safety, charging efficiency, operation reliability, as well as cost efficiency, that we need to tackle in developing pure electric buses. Yutong is committed to providing green mobility solutions through continuous technological and product innovation with our aspiration of 'Think Eco, Move Green," said Kent Chang, CEO of Yutong Asia-Pacific. The C12E is coupled with the Yutong Electric Architecture ("YEA") technology platform, which was released in September in the Asia-Pacific market as the industry's first EV-specific platform integrating software and hardware that's evolvable and expandable. YEA boasts the capability to develop various new energy and commercial vehicle products that can adapt to a wide range of travel scenarios and bring customers more economical, durable, and convenient solutions: More economical: with a 10 percent longer range and a 20 percent reduction in operating costs compared to industry peers; More durable: ensures safe and stable operation with uptime reaching 99 percent and battery lifespan of up to 1.5 million kilometers; More convenient: intelligent features to empower management with round-the-clock reliability. Yutong YEA Green Exploration Journey Launching Event in Melbourne, Australia. In the meantime of YEA technology platform's release, Yutong Bus also hosted Green Travel Week in Brisbane, underscoring the significance of sustainable transportation and community involvement. The purpose of this event is to enhance public awareness of green transportation options, such as electric vehicles, contribute to building a sustainable planet. It also intends to convey Yutong Bus's philosophy, leveraging innovative technology to extend the benefits of green transit to everyone globally, to local stakeholders. Supported by the Brisbane City Council, the initiative inspired citizens to embrace eco-friendly travel options.
XPENG ranked among the "Fortune Tech 50" and "Fortune China 500" lists for leading AI mobility innovation SHANGHAI, China, Oct. 30, 2024 (GLOBE NEWSWIRE) -- XPENG, a leading Chinese high technology car company, is proud to announce that it has secured places on both the "Fortune Tech 50" and "Fortune China 500" lists. The placings were announced during the Fortune China "Tech 50 Innovation Night" and "2024 Fortune China 500 Summit" on October 16 and 17, hosted in Shanghai. XPENG is glad to receive these esteemed accolades that reaffirm its competitive advantage and status as a leader in technological innovation. "Fortune Tech 50" is an inaugural list by Fortune China that spotlights Chinese tech companies making a global impact. Companies are judged based on technical innovation, as well as their global economic influence and positive social impact. XPENG was one of only two automotive companies to make the list, thanks to its pioneering AI-defined mobility technology, autonomous driving breakthroughs, and industry-leading AI model applications. Fortune China praised XPENG for its edge in smart driving technology. "XPENG is a formidable competitor in the sector as the race for dominance in autonomous driving intensifies. Innovation fueled by technology is the foundation of XPENG's strategy - in May, XPENG announced the mass production of its end-to-end AI model. Rolled out to users through the AI-powered Tianji XOS system, XPENG calls the model 'the first system in the industry to apply AI technology to both smart cockpit and ADAS systems.' In July, XPENG entered a strategic partnership with Volkswagen to co-develop electronic and electrical architecture technology. The partnership leverages both companies' technological advantages to expand their market influences, a move seen as a pivotal moment in XPENG's expansion," the publication stated in its remarks. Fortune China is a business publication of global renown, and its annual "Global 500" list is one of the most prestigious benchmarks for corporations. Enlisting the same methodology for its global counterpart, the "2024 Fortune China 500" ranking covers both public and private companies from the Chinese mainland, Hong Kong, and Taiwan. XPENG's inclusion in the "2024 Fortune China 500" underscores its forward-thinking approach in AI applications and global expansion, setting a milestone for the global smart automotive industry. Founded 10 years ago, XPENG has long adhered to its brand vision of being an "Explorer of Future Mobility" by leveraging technology to transform how people travel. The company has since made significant strides in AI applications and is poised to lead the industry in the coming decade. XPENG's self-developed Turing Chip, the world's first AI chip designed for AI-defined vehicles, robots, and flying cars, has been successfully taped out, and pre-orders have commenced for XPENG's AI-powered P7+ car. Over the next decade, XPENG aims to become a global AI mobility leader and develop an AI ecosystem based on five key pillars: high-performance chips, AI models, AI-defined vehicles, robots, and flying cars, where the first two will serve as foundations for the latter three. XPENG's investments in intelligent driving technology over the past decade are bearing fruit. The company believes it plays a critical role in the ongoing electric vehicle revolution on a global scale. To date, XPENG has expanded its sales to over 30 countries and regions. As part of its global strategy, XPENG is now focused on scaling up its international operations, with plans to enhance its global R&D and sales presence. In the next ten years, XPENG aims for overseas markets to account for half of its total sales, significantly expanding its global user community. XPENG's increasing recognition by prestigious global business publications stands testament to its exceptional innovation capabilities and global outlook. Looking ahead, XPENG remains committed to its global market strategy and is well-positioned to continue spearheading global development towards an era of AI-defined mobility. About XPENG Founded in 2014, XPENG is a leading Chinese AI-driven mobility company that designs, develops, manufactures, and markets Smart EVs, catering to a growing base of tech-savvy consumers. With the rapid advancement of AI, XPENG aspires to become a global leader in AI mobility, with a mission to drive the Smart EV revolution through cutting-edge technology, shaping the future of mobility. To enhance the customer experience, XPENG develops its full-stack advanced driver-assistance system (ADAS) technology and intelligent in-car operating system in-house, along with core vehicle systems such as the powertrain and electrical/electronic architecture (EEA). Headquartered in Guangzhou, China, XPENG also operates key offices in Beijing, Shanghai, Silicon Valley, and Amsterdam. Its Smart EVs are primarily manufactured at its facilities in Zhaoqing and Guangzhou, Guangdong province. XPENG is listed at the New York Stock Exchange (NYSE: XPEV) and Hong Kong Exchange (HKEX: 9868). For more information, please visit https://www.xpeng.com/. Contacts: For Media Enquiries:XPENG PR DepartmentEmail: pr@xiaopeng.com Photos accompanying this announcement are available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/41f3a26a-a1ed-48bb-bd97-7b36311f0939https://www.globenewswire.com/NewsRoom/AttachmentNg/3111c8d9-9d2e-419b-aa68-51fb54ed7f8fhttps://www.globenewswire.com/NewsRoom/AttachmentNg/8f5503fe-9c37-46e2-a97b-e448ad9dbd02 Video accompanying this announcement is available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/32cbdaf4-f03c-4887-a5c0-f79d3448ce43
DUBAI, UAE – Media OutReach Newswire – 29 October 2024 - During an official visit to the United Arab Emirates (UAE), Vietnamese Prime Minister Pham Minh Chinh witnessed the signing of Memoranda of Understanding (MOUs) between Vingroup, VinFast, and leading partners in the Middle East. These MOUs cover strategic areas, including maritime development and shipyard building capabilities, sustainable coastal land utilization, digital transformation, and collaboration in electric vehicles and green transportation. The simultaneous signing between Vingroup, VinFast, and the four leading corporations not only fosters business connections between Vietnam and the UAE, but also reaffirms Vingroup's established capabilities and position in the former's key investment sectors. Vice Chairwoman of Vingroup, Ms. Le Thi Thu Thuy, and Mr. Nguyen Viet Quang (third and fourth from the left) with Middle Eastern partners at the MOU signing ceremony. In the presence of Prime Minister Pham Minh Chinh at the Vietnam-UAE Business Forum, Vingroup signed MOUs with three partners: AD Ports Group, NMDC, and Benya Technologies, while VinFast signed an MOU with Emirates Driving Company (EDC). The partnerships will focus on four strategic areas. In maritime logistics, AD Ports Group, one of the leading port management and logistics development companies in the UAE, will investigate opportunities to collaborate with Vingroup in the joint development of shipyard building capabilities, logistics ecosystems, and seaport operations. This partnership aims to advance logistics modernization and manufacturing in Vietnam. Under the MOU, Vingroup will assess which potential projects could be secured for development, where it could oversee construction, provide essential infrastructure, and engage with local partners. Meanwhile, AD Ports Group will manage the operational aspects of the projects, while connecting with international customers. For sustainable coastal land development, Vingroup and NMDC, a leader in coastal infrastructure and coastal protection, will explore cooperation in various areas, such as a project to reclaim 150 million cubic meters of coastal land for urban development, large-scale coastal reclamation for industrial and real estate purposes, sustainable coastal protection for high-end real estate, and other coastal-related projects. Vingroup will take the lead in developing high-end real estate and urban projects, while NMDC will provide advanced technical solutions to enhance sustainability and minimize the impact on marine ecosystems. Once operational, these projects are expected to create thousands of local jobs, boost economic development in coastal areas, and contribute significantly to Vietnam's coastal tourism and services sectors. In digital transformation, Vingroup and Benya Technologies, representing a group of investors from the Middle East and Africa exploring investment opportunities in Vietnam, will assess feasibility and develop plans for several projects, including a hyper-scale data center and related technical, power, and water treatment infrastructure. The total investment is estimated at $3.5 billion. The hyper-scale data center project will be developed in three phases, reaching an estimated capacity of 300 MW, with the aim of meeting both domestic and international digital infrastructure needs and contributing to local social and economic development. Additionally, VinFast, a subsidiary of Vingroup, signed an MOU with Emirates Driving Company (EDC), Abu Dhabi's leading driver training and road safety institute, with a focus on electric vehicles, driver training in Vietnam, and investment to support Abu Dhabi's industrial sector. Under this agreement, EDC will lead a consortium investing in VinFast. In addition to gaining access to funding, VinFast will benefit from EDC's expertise in driver training and road safety, supporting the development of a comprehensive electric vehicle ecosystem. This partnership aims to enhance global electric vehicle production, meet the growing demand for green transportation, increase road safety awareness, and reaffirm EDC's commitment to contributing to the Middle East's green transportation revolution, addressing environmental and climate challenges. The four areas in which Vingroup and VinFast signed MOUs with leading UAE corporations are based on Vietnam's inherent advantage, which lies in its marine economy, while maximizing Vingroup's proven strengths in urban development, tourism, service logistics, technology, and industry. These favorable conditions for cooperation provide a solid foundation for the future success of these MOUs, helping to ensure a lasting connection between businesses from both nations. Remarks by the Companies' representatives Ms. Le Thi Thu Thuy, Vice Chairwoman of Vingroup, shared, "Our partnerships with strategic Middle Eastern partners will open major opportunities for Vingroup and VinFast to promote technology, infrastructure, and green economy development in Vietnam, while building a solid foundation for international expansion. We believe that the strength of Vingroup's ecosystem and our deep local insight, combined with the experience of our partners, will lead to the success of these projects, actively contributing to sustainable development, infrastructure modernization, and improved quality of life for Vietnamese people." Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, said: "Vietnam is one of the fastest-growing economies in Asia, with GDP forecast to continue rising in the next few years. We are excited about the possibility of working with Vingroup to help modernise the nation's ports, maritime and logistics infrastructure, while boosting Vietnam's role as an international trade hub. Under the vision of our wise leadership, AD Ports Group looks forward to extending its activities into Southeast Asia and helping Vietnam improve its interconnectivity with the global trade ecosystem." A representative from NMDC stated: "We are proud to collaborate with Vingroup on these strategic projects in Vietnam. With NMDC's extensive experience and capabilities in coastal reclamation and protection, we believe this partnership will create outstanding value for both parties while promoting sustainable environmental and community development in Vietnam." Mr. Ahmed Mekky, Chairman and CEO of Benya Technologies, stated: "We are thrilled to partner with Vingroup to tap into the vast potential of the global big data and cloud computing markets. Vingroup's reputation and strong execution capabilities give us great confidence in this partnership. We believe that this collaboration will not only benefit both companies but also contribute significantly to the development of the digital economy in Vietnam and the region, creating lasting value for society and the community." Mr. Khaled Al Shemeili, CEO of EDC, said: "EDC has accumulated more than two decades of experience in driving education and road safety, and sets the global benchmark for the industry through its commitment to innovation, research and development into best practices, and deep expertise. EDC now aspires to be a leader in the mobility sector as a whole and play a pivotal role in disrupting this industry, positioning itself at the forefront of smart mobility, vehicle electrification and autonomy. We recognise the immense potential of electric transportation worldwide, and we are particularly optimistic about VinFast's prospects in the Middle East." Hashtag: #VinFast #EV #Vingrouphttps://vinfast.com/The issuer is solely responsible for the content of this announcement.About VingroupEstablished in 1993, Vingroup is one of the leading private conglomerates in the region and currently focuses on three main areas: Technology and Industry, Services and Social Enterprise. Find out more at: https://www.vingroup.net/en. About VinFastVinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam's largest conglomerates, is a pure-play electric vehicle ("EV") manufacturer with the mission of making EVs accessible to everyone. VinFast's product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at: https://vinfastauto.com/en. About AD Ports GroupEstablished in 2006, AD Ports Group today serves as one of the world's premier facilitators of logistics, industry, and trade, as well as a bridge linking Abu Dhabi to the world. Listed on the Abu Dhabi Securities Exchange (ADX: ADPORTS), AD Ports Group's vertically integrated business approach has proven instrumental in driving the Emirate's economic development over the past decade. Operating five business clusters covering Ports, Economic Cities & Free Zones, Maritime & Shipping, Logistics, and Digital, AD Ports Group's portfolio comprises 33 terminals, with a presence in over 50 countries, and more than 550 square kilometres of economic zones within KEZAD Group, the largest integrated trade, logistics, and industrial business grouping in the Middle East. Find out more at: adportsgroup.com About NMDC NMDC Group is a top-ranking marine contractor and projects developer of large-scale marine and coastal infrastructure works and is specialized in providing innovative solutions for complex sustainable infrastructure or urban development projects as well as the construction of port and related industrial land projects and services. About Emirates Driving Company (EDC)Established in 2000, Emirates Driving Company (EDC) is Abu Dhabi's leading driver training and road safety institute. Driven by a desire to implement the best practices in driver training and road safety education across the emirate, it is on a mission to create safer roads by innovating, collaborating and investing in new technologies and smarter operating models. A socially responsible company founded on the values of integrity and inclusivity, EDC has set a new standard in traffic safety and education in the Middle East. EDC's state-of-the-art facility features the most advanced communication tools, control systems and cutting-edge techniques in the industry, and all its expert training is delivered to internationally recognised standards. For more information, visit www.edcad.ae About Benya TechnologiesBenya Technologies is a renowned provider of ICT infrastructure and digital solutions in Egypt and the broader Middle East and North Africa (MEA) region. Offering a wealth of products, services and digital solutions including telecommunication services, cloud, and security solutions, Benya empowers businesses and organizations to thrive in the digital age. Leveraging cutting-edge technology and a deep understanding of industry needs, Benya Technologies has established itself as a trusted partner for both public and private sector organizations. Benya Group is dedicated to building a digitally united and smart MEA Region.
DUBAI, UNITED ARAB EMIRATES – Media OutReach Newswire – 28 October 2024 – At Bluewaters Island (Dubai), VinFast Auto held the official brand launch event in the Middle Eastern market, showcasing a variety of smart and green mobility solutions. This event marks a significant milestone in VinFast's global expansion strategy and reinforces its commitment to providing sustainable and green transportation solutions in the region. The VF 8 model will be sold in the Middle Eastern market. On the same day as the brand launch, VinFast, together with its partner Al Tayer Motors, officially opened its first dealership in the United Arab Emirates (UAE), located in the downtown area of Dubai. With a total area of over 1,000 square meters, the store is designed with a modern and luxurious style, integrated with a service workshop, providing customers the opportunity to directly experience VinFast's smart electric vehicles, including the VF 6, VF 7, VF 8, and VF 9 models. With modern design, advanced technology, and impressive performance, VinFast's electric vehicles promise to bring entirely new driving experiences to customers in the UAE as well as the Middle East region. Previously, on October 17, 2024, VinFast signed a Memorandum of Understanding with Charge&Go to promote the installation and operation of a network of public charging stations and related services in the UAE. According to plans, additional VinFast dealerships in the Middle East, including Saudi Arabia, Qatar, Kuwait, and Bahrain, will be opened later this year. The VinFast VF 8 model is expected to be priced starting from $47,500 (Eco trim) and from $51,500 (Plus trim) when it is launched for sale in the Middle East. Speaking at the event, Mr. Ta Xuan Hien, CEO of VinFast Middle East, shared: "Today's official brand launch in the Middle East marks an important step in VinFast's journey to expand its presence in the global electric vehicle market. We are proud to partner with Gulf nations in the electrification revolution, offering smart and powerful electric vehicles with exceptional warranties, while gradually realizing our expansion plan in the Middle East and globally." As a pioneer in the all-electric vehicle strategy, VinFast has established a strong reputation with its presence in numerous international markets such as the U.S., Canada, Europe, Indonesia, India, and the Philippines. The Middle East is a new advancement in VinFast's expansion strategy, especially as countries in the region are adopting policies to accelerate the development of electric vehicles. In the Middle East, VinFast has signed exclusive partnership agreements with three leading regional dealers: Al Tayer Motors (UAE), Al Mana Holdings (Qatar), and Bahwan Automobiles & Trading (Oman). By promoting collaboration with top partners in the Middle East, VinFast is actively participating in realizing green mobility solutions in the region, while affirming the commitment of the Vietnamese electric vehicle manufacturer to making EVs more accessible to everyone. Hashtag: #VinFast #Vingroup #EVhttps://me.vinfast.com/The issuer is solely responsible for the content of this announcement.About VinFastVinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam's largest conglomerates, is a pure-play EV manufacturer with the mission of making EVs accessible to everyone. VinFast's product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at: https://me.vinfast.com/
LG Energy Solution posts KRW 6.8778 trillion in consolidated revenue and KRW 448.3 billion in operating profit The company secures large-scale supply agreements leveraging new form factors and chemistries The company to effectively address EV/ESS market needs, with the long-term focus on operational efficiency, R&D, and business portfolio expansion SEOUL, South Korea, Oct. 28, 2024 /PRNewswire/ -- LG Energy Solution (KRX: 373220) today announced its third quarter earnings, along with its quarterly progress reports and action plans for EV and energy storage system (ESS) battery businesses. The company posted consolidated revenue of KRW 6.8778 trillion, a 11.6 percent increase quarter-on-quarter and 16.4 percent decrease year-on-year. The operating profit was KRW 448.3 billion, a 129.5 percent increase quarter-on-quarter and 38.7 percent decrease year-on-year. The operating profit includes the estimated IRA tax credit amount of KRW 466 billion. Excluding the IRA tax credit, the company would have recorded quarterly operating loss of KRW 17.7 billion. "Expanded sales to major European automakers and increased production at our joint venture facilities in North America and Indonesia, as well as substantial ESS revenue growth from grid-scale projects, improved the overall revenue compared to the previous quarter," said Chang Sil Lee, CFO of LG Energy Solution. "We also saw quarter-on-quarter improvements in the operating profit excluding IRA tax credit effect on the back of improved utilization rate led by shipment increase in both EV and ESS batteries, as well as reduced unit cost burden in line with metal price stabilization," Lee said. Recent Progress: Large-Scale Supply Agreements for New Form Factors and Chemistries LG Energy Solution successfully secured large-scale orders from top global automakers for its new form factors and chemistries totaling 160GWh, further advancing its goal of leading global innovation in EV batteries. The major supply agreements include a contract for 50GWh of cylindrical batteries with a major automaker to power EVs sold in North America. With the deal, the company has expanded its customer portfolio for cylindrical EV batteries from primarily EV start-ups to established automakers, and secured stronger market presence in North America through local production capability. For pouch-type NCM[1] EV batteries, LG Energy Solution secured supply agreements totaling 109GWh for commercial vehicles sold in Europe, leveraging the chemistry's technological competitiveness characterized by high-power and long-life cycle. These agreements are also expected to contribute to improving the Poland facility's production efficiency once the production starts after the second-half of 2026. Action Plans for EV and ESS Battery Businesses For EV battery business, as customers are increasingly interested in applying more diversified battery chemistries and form factors tailored to different EV segment, LG Energy Solution will offer various chemistry choices to customers, such as LFP and High Voltage Mid-Ni to support all EV segments. On the same note, the company will further diversify its product form factors by starting mass production of its 46-Series cylindrical batteries. To address increasing needs of cost innovation for core EV components, the company will continue to advance its materials and process technologies. For battery materials, it will apply industry-leading material technologies such as single crystal cathode and silicon contents in anode. Also, it will focus on developing dry electrode technology to achieve higher energy density and cost innovation, with the goal of applying it to mass production in 2028. In addition, responding to rising importance of EV safety, LG Energy Solution is developing multiple solutions to reinforce its product safety, including advanced thermal propagation (TP) prevention technology for pouch-type batteries. The company also completed the development of optimized cooling module structure for cylindrical batteries. For ESS battery business where strong demand momentum is expected, especially in power grid, LG Energy Solution will actively respond to long-term, large-volume projects in North America, leveraging its stable production know-how and local supply capability, creating opportunities to generate stable revenue. To enhance competitiveness, the company also plans to launch high capacity LFP ESS batteries, along with advanced energy management and system integration (SI) software. To maximize the benefits from policies supporting local manufacturing, the company will start ESS battery production in the U.S. next year and also consider converting EV production lines to ESS in response to the European market demand. In the mid to long term, LG Energy Solution's key strategic initiatives will be: proactively adjusting operation, reinforcing R&D investment, and expanding business portfolio. 1) Proactively adjusting operation: Scale down capacity expansion and adjust ramp-up speed to maximize utilization rates of existing lines 2) Reinforcing R&D investment: Secure differentiated material and process technologies, accelerate R&D for optimized chemistry and form factor solutions, develop next-generation batteries such as bipolar semi-solid batteries and sulfide-based solid-state batteries 3) Expanding business portfolio: Establish a closed-loop recycling system on a regional basis, expand BaaS[2]/EaaS[3] businesses, explore new market opportunities for other applications beyond EVs "While we expect unprecedented shifts in external environments, we will be nimble in responding to these changes through our comprehensive business strategy," said David Kim, CEO of LG Energy Solution. "Capitalizing on our unmatched product portfolio, we will enhance the values we're providing to our customers, thereby securing solid leadership in the global battery market." [1] NCM: nickel, cobalt, manganese [2] BaaS: battery-as-a-service [3] EaaS: energy-as-a-service About LG Energy Solution LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 58,000 patents. Its robust global network, which spans North America, Europe, and Asia, includes battery manufacturing facilities established through joint ventures with major automakers. Committed to building sustainable battery ecosystem, LG Energy Solution aims to achieve carbon neutrality across its value chain by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution's ideas and innovations, visit https://news.lgensol.com.
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