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Photo = Yonhap news |
[Alpha Biz= Reporter Kim Jisun] LG Energy Solution is reportedly in negotiations with India's JSW Energy to establish electric vehicle (EV) battery production facilities and renewable energy storage systems.
According to a Reuters report on the 17th (local time), sources revealed that the two companies have signed a preliminary agreement in which LG Energy Solution will provide the technology and equipment for EV battery production, while JSW Energy will contribute the necessary funding.
The companies plan to build a factory in India with a production capacity of 10GW per hour. Reuters added that approximately 70% of the factory's capacity will be allocated to energy storage and electric vehicles for JSW Energy, while LG Energy Solution will utilize the remaining 30%. The total investment in the joint venture is estimated at $1.5 billion (approximately 2.2 trillion KRW).
One source noted, “LG Energy Solution is seeking a partner in India, and JSW Energy is interested in collaborating, as it plans to produce its own EV brand, starting with buses and trucks and later expanding to passenger cars.”
The preliminary agreement signed between the two companies is not legally binding. Reuters reported that the two firms aim to finalize negotiations within the next few months.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
