LG Energy Solution

Full-year 2025 revenue comes in at KRW23.7T with KRW1.3T of operating profit, a 5.7% margin including the North American production incentive. Revenue fell as major customers' EV sales slowed, but ESS grew solidly on the North American LFP expansion.

In March 2026 GM and LG shift their Ultium Cells plant in Spring Hill, Tennessee from EV battery production to LFP cells for energy storage, recalling laid-off workers. It is the clearest signal yet that the joint venture capacity built for cars is being redirected to the grid.

LGES starts production on August 18, 2026 at its all-new Lansing, Michigan plant, a site it took over outright after GM exited what was originally planned as a third Ultium Cells joint-venture factory. The 226-acre facility has drawn more than $2 billion of investment since 2022, targets over 35 GWh of annual capacity at full scale, and makes LFP cells for grid storage (including the Tesla Megapack 3 supply deal, with prismatic cell deliveries still slated to begin in 2027) plus NMC cells for Toyota's 2027 electric Highlander, employing roughly 900 workers growing toward 1,700.

Preliminary Q2 2026 results announced July 7 show revenue of KRW7.5602T, up 24.8% year over year and 15.3% on the quarter, and an operating profit of KRW113.3B that ends three straight quarters of losses. ESS and cylindrical cell sales carry the quarter while EV demand stays weak; the North American production subsidy contributes KRW241B.

GM-LG joint venture Ultium Cells resumed production on August 18, 2026 at its idled Plant 1 in Warren (Lordstown), Ohio, completing a staged recall that ran from July 27 through mid-August and reversing a January 2026 shutdown triggered by weak EV demand after the US clean-vehicle tax credit expired. Roughly 1,400 workers are back on site as the plant, distinct from the Spring Hill, Tennessee plant's conversion to LFP storage cells, resumes NCMA pouch-cell production for GM's EV lineup including the Chevrolet Equinox EV and Cadillac Lyriq.

Ultium Cells starts mass production of JF2 LFP battery cells for energy storage at Spring Hill, Tennessee in July 2026, completing the EV-to-storage conversion in under five months on a $70M retooling investment and bringing back roughly 700 furloughed workers.

LGES said on August 10, 2026 that its L-H Battery joint venture with Honda will sell the building and related structures at their Ohio battery plant to a Honda US manufacturing unit for $2.86B in a sale-and-leaseback deal, excluding land and equipment. LGES said the transaction does not change its ownership stake in the joint venture, announced in 2022 with a combined $4.4B investment to supply battery cells for Honda's North American EV lineup.

Smackover Lithium, a joint venture of Standard Lithium and Equinor, announced around September 1, 2026 a binding take-or-pay agreement to supply LG Energy Solution with 8,000 metric tonnes per year of battery-quality lithium carbonate over 10 years from its South West Arkansas direct-lithium-extraction project, with deliveries tied to commercial production starting in 2029. Combined with an earlier Trafigura offtake, roughly 90% of the project's targeted volume is now committed, moving it closer to a final investment decision and giving LGES a US-sourced lithium supply for its North American cell plants.

On September 7, 2026 LG Energy Solution said joint research with Seoul National University's Jongwoo Lim lab, published in Nature Communications, suppressed gas generation in lithium manganese-rich cells by changing the voltage window and formation process. Lowering charge cutoff from 4.6 V to 4.3 V raised oxygen recovery from 86% to 97%, and a 2.0 V discharge cutoff plus cooler formation let 40 Ah-class cells retain 92.2% of initial energy after 883 cycles, a step toward using cheaper, cobalt-free LMR cathodes in large-format EV cells.

LGES opens a 1.7-million-square-foot LFP cell plant in Holland, Michigan, a $1.4B investment and the first large-scale lithium iron phosphate factory for energy storage in the United States. Production starts in June on two lines, with a third by year end.

LGES lists on the Korea Exchange in January 2022, raising KRW12.75 trillion (about $10.7B) at KRW300,000 a share, more than double the previous Korean record. The stock closes 68% above its offer price and the company becomes Korea's second most valuable listed firm after Samsung Electronics.

LG Chem separates its battery division, which traces back to 1992, into LG Energy Solution on December 1, 2020. LG Chem keeps roughly 81% of the new company.