Honda and LG Energy Solution are going into a joint venture to help drive the production of lithium-ion batteries. This production process will take ground in North America and the batteries will be in use on Honda and Acura EVs. As the rate of EV adoption in the North American region is growing rapidly, this joint venture will help ready batteries for the carmaker.
The building of an EV battery manufacturing plant is in line thanks to this partnership. To boost the process, both parties in this agreement are investing a total of $4.4 billion. According to the official statement, the plant in question will produce about 40GWh worth of energy yearly.
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The plant for this joint venture will concern itself with the manufacturing of batteries for just Honda EVs. The technology to be put in place during this process will be that of LG Energy Solutions, and the battery production will kick off as soon as the plant is built. At the moment we do not know the precise location of the plant, but, we know that the building project will commence by 2023.
Youngsoo Kwon, CEO of LG Energy Solution, says that this joint venture is a “milestone” for the battery manufacturer. Honda’s representative Toshihiro Mibe who happens to be the president and CEO of the firm also expresses optimism about what both parties will achieve from this partnership. This partnership between Honda and LG Energy Solution is just one of the many other partnerships we are seeing and will see from similar parties.
