Hyundai Mobis Acquires 28.5 Billion KRW Stake in LG Energy Solution Joint Venture
[Asia Economy Reporter Hwang Yoon-joo] Hyundai Mobis is expanding its battery system business.
Hyundai Mobis announced on the 28th that it will invest 28.5 billion KRW in July to acquire 2,842,000 shares of HL Green Power. This represents the entire stake held by its joint venture partner LG Energy Solution.
HL Green Power, established in 2010 as a joint venture between Hyundai Mobis and LG Energy Solution, manufactures battery packs, a core component of eco-friendly vehicles such as electric and hydrogen cars. It was launched with a capital of 29 billion KRW, with Hyundai Mobis and LG Energy Solution holding 51% and 49% stakes respectively.
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Through this share acquisition, Hyundai Mobis plans to expand its battery system business while strengthening its expertise. LG Energy Solution is expected to focus selectively on the battery cell business.
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