LG Energy Solution Secures 10.2 Trillion KRW in Investment Since KOSPI Listing... Utilized for Next-Generation Battery Development

"Expansion of Major Production Capacities in the US, Europe, and Other Key Hubs"

An LG Energy Solution employee holding 21700 (left) and 18650 cylindrical batteries. (Photo by LG Energy Solution)

"We will consider this listing not as the conclusion of the past 30 years, but as the starting point for the next 100 years."

On the 24th, according to LG Energy Solution, Kwon Young-soo, Vice Chairman and CEO, expressed these thoughts on LG Energy Solution's new listing on the Korea Composite Stock Price Index (KOSPI).

LG Energy Solution set various records during its initial public offering (IPO) process. This is the first time a single stock's public offering amount on KOSPI has surpassed 10 trillion won. In the demand forecast targeting domestic and foreign institutional investors, the competition rate reached 2023:1, rewriting the KOSPI IPO record, and in the public subscription for general investors, subscription deposits of approximately 114.1066 trillion won were collected, breaking records.

After the listing, LG Energy Solution secured about 10.2 trillion won in investment funds. The funds will be used to expand production capacity at global production bases, research and development (R&D) of next-generation batteries, and investment in new businesses. LG Energy Solution stated, "We will expand investments in global production bases such as Korea, Europe, and China," adding, "We will proactively respond to the demands of major customers, establish supply chains through local mass production, and further solidify our leading position in the global secondary battery market."

Through its securities registration statement, LG Energy Solution announced plans to invest 5.6 trillion won by 2024 to expand production capacity in the North American region, and to invest 1.4 trillion won and 1.2 trillion won respectively in production plants in Europe and China. For the Ochang plant in Korea, an investment of 645 billion won is planned by next year.

LG Energy Solution began researching secondary batteries in Korea for the first time in 1992. A representative from LG Energy Solution said, "Over the past 10 years, we have invested 5.3 trillion won in R&D and currently hold a total of approximately 22,900 patents (based on cumulative registered patents as of September 2021) in materials, processes, and core technology fields," adding, "We have a total of about 3,300 R&D personnel globally."

This content was produced with the assistance of AI translation services.