LG Energy Solutions

Honda and LG Energy Solution have announced the construction of a joint venture electric vehicle battery plant in Fayette County, Ohio. The two companies have committed to invest $3.5 billion in the new facility, with an overall investment reaching $4.4 billion. The aim is to reach an annual production capacity of 40 GWh.

The funds will certainly be made use of in the building of three various battery manufacturing units in the United States state of Ohio, Tennessee and also Michigan. Both General Motors and LG have been mulling an investment of over $7 billion in collaboration to develop the 3 battery producing units.

According to an evaluation by ESOMAR-certified marketing research as well as consulting company Future Market Insights, the battery energy storage systems market is expected to be valued at US$ 64.92 B in 2032, with 27.9% CAGR throughout the forecast duration.