Photo: Honda
Honda Is looking to expand its EV efforts into the North American market, and in order to ensure this operation goes smoothly, it will open a battery production plant in Ohio through a joint venture with LG Energy Solutions.
Electric vehicles are the future, or so we are told and led to believe by the cumulative efforts seen from all the big automakers of the world. Of course, with that comes a need for change regarding our infrastructure.
That does not only mean the installation of a mind-blowing number of charging stations, but also a ramp-up in the production of batteries. Obviously, we also need to develop more capable, durable, and cleaner batteries, but first things first.
We need a lot more of them if we are to march down the route of electric mobility. The number of people who are interested in buying BEVs is steadily increasing year-on-year and supply needs to meet the demand.
With that objective in mind, LG Energy Solutions is teaming up with Honda Motor Company. The goal of this joint venture is the production of lithium-ion batteries to sustain Honda’s expansion into the EV market of North America.
The name LG leads most of us to think of television sets or maybe even mobile phones (although they kind of flopped). But the company is the fourth biggest corporation in South Korea. And as is the case with any big business conglomerate the company has more than one division.
LGES is a split-off from LG’s chemical department. It has established itself as one of the top players when it comes to manufacturing lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. So, a joint venture with Honda comes as a natural move.
Through this partnership, the Japanese automaker will benefit from the knowledge and expertise that LG Energy Solutions can provide. With over 25,000 patents in its field of operation, a large R&D department, and a robust global network, LGES can provide a lot of value to Honda’s focus on EVs.
Through this joint venture, a new battery plant will begin construction early this year in Fayette County, Ohio. The two giant corporations have committed to investing $3.5 billion into this project, although the total investment is projected to reach somewhere in the region of $4.4 billion.
With a commitment of this size, a large number of jobs arise as an outcome. 2,200 positions have to be filled in order to get the new battery production plant operational. While Ohio boasts a decent economic ranking, its growth has slowed down over the past few years and this infusion of resources is certainly not a bad thing.
The plant is expected to be finished by the end of 2024, with mass production of advanced lithium-ion battery cells anticipated to begin by the end of 2025. The joint venture targets an annual production capacity of approximately 40GWh, with the batteries being exclusively supplied to Honda vehicle production facilities in North America.
That does not only mean the installation of a mind-blowing number of charging stations, but also a ramp-up in the production of batteries. Obviously, we also need to develop more capable, durable, and cleaner batteries, but first things first.
We need a lot more of them if we are to march down the route of electric mobility. The number of people who are interested in buying BEVs is steadily increasing year-on-year and supply needs to meet the demand.
With that objective in mind, LG Energy Solutions is teaming up with Honda Motor Company. The goal of this joint venture is the production of lithium-ion batteries to sustain Honda’s expansion into the EV market of North America.
The name LG leads most of us to think of television sets or maybe even mobile phones (although they kind of flopped). But the company is the fourth biggest corporation in South Korea. And as is the case with any big business conglomerate the company has more than one division.
LGES is a split-off from LG’s chemical department. It has established itself as one of the top players when it comes to manufacturing lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. So, a joint venture with Honda comes as a natural move.
Through this partnership, the Japanese automaker will benefit from the knowledge and expertise that LG Energy Solutions can provide. With over 25,000 patents in its field of operation, a large R&D department, and a robust global network, LGES can provide a lot of value to Honda’s focus on EVs.
Through this joint venture, a new battery plant will begin construction early this year in Fayette County, Ohio. The two giant corporations have committed to investing $3.5 billion into this project, although the total investment is projected to reach somewhere in the region of $4.4 billion.
With a commitment of this size, a large number of jobs arise as an outcome. 2,200 positions have to be filled in order to get the new battery production plant operational. While Ohio boasts a decent economic ranking, its growth has slowed down over the past few years and this infusion of resources is certainly not a bad thing.
The plant is expected to be finished by the end of 2024, with mass production of advanced lithium-ion battery cells anticipated to begin by the end of 2025. The joint venture targets an annual production capacity of approximately 40GWh, with the batteries being exclusively supplied to Honda vehicle production facilities in North America.
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