LG Energy Solution Secures Lithium in North America... Strengthening Battery Supply Chain

Green Technology Metals Signs Lithium Ore Supply and Equity Investment Agreement

LG Energy Solution has strengthened its raw material supply chain by securing lithium, a key battery mineral, in the North American region.

On the 19th, LG Energy Solution announced that it signed a lithium concentrate supply and equity investment agreement (approximately 7.89%) with Australian Green Technology Metals, which operates lithium mines in North America. Lithium concentrate is a key mineral from which lithium hydroxide, a core raw material for batteries, can be extracted.

Through this agreement, LG Energy Solution is expected to receive 25% of the total annual lithium concentrate production from Green Technology Metals for five years. Additionally, through the equity investment, they plan to build a strategic partnership in the mid to long term.

Green Technology Metals owns and operates a total of four lithium mines in the North American region. LG Energy Solution will receive supplies mined from Green Technology Metals' Seymour mine, which has approximately 10 million tons of resources.

Kim Myunghwan, CPO (Chief Production and Purchasing Officer) of LG Energy Solution, said, "It is highly significant that we have been able to proactively secure competitive key minerals in the strategically important North American market. In line with the full implementation of the U.S. Inflation Reduction Act (IRA), we will provide our customers with the highest value through differentiated raw material supply stability and cost competitiveness."

John Young, Chairman of Green Technology Metals, said, "We welcome the contract with LG Energy Solution and, as a new strategic partner, will do our best to contribute to the development of the global battery industry through future collaboration."

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