LG Energy Solution in Joint Venture Talks with Indian Energy Company for EV Battery Production

Negotiations Underway with JSW Energy
Joint Venture Project Valued at $1.5 Billion

LG Energy Solution is reportedly negotiating with India's JSW Energy to produce electric vehicle batteries and build renewable energy storage facilities, according to major media on the 17th (local time).

According to reports, the two companies have signed an initial agreement in which LG Energy Solution will provide technology and equipment for electric vehicle battery production, and JSW Energy will provide funding. They are also negotiating to establish a factory in India with a capacity of 10GW per hour, where JSW Energy will use about 70% of the capacity for energy storage and electric vehicles, and LG Energy Solution will use the remaining 30%. The investment scale of the joint venture is reported to be $1.5 billion (approximately 2.2 trillion KRW).

Although the initial agreement is not legally binding, the two companies are expected to finalize negotiations within the next few months. Regarding this, LG Energy Solution stated in a press release, "We are closely monitoring market conditions while considering various potential business options," and added that there are no specific plans related to India. JSW Energy reportedly declined to comment on requests from major media.

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