LG Energy Solution, the battery unit wholly owned by LG Chem, received preliminary approval for an initial public offering, the Korea Exchange said in a statement on Tuesday.
LG Energy Solution is reportedly planning to submit its IPO application to Financial Supervisory Service as early as this week, aiming to list at the end of January.
In June, LG Energy suspended its IPO process on the heels of a series of recalls from American automaker General Motors’ Chevrolet Bolt electric vehicles due to possible battery cell defects that could increase the risk of fire.
General Motors has said it would seek reimbursement from LG Chem, GM’s battery cell manufacturing partner, for its estimated
LG Energy Solution said last month it will resume its planned IPO after reaching an agreement over the recall-related issue with General Motors in September.
Seoul-based analysts have forecast an IPO size of
LG Chem said last week LG Energy Solution Michigan plans to raiseannounced a preliminary deal, which still must be approved by the regulators to form a joint venture to produce battery cells and modules in North America, with an annual capacity of 40 gigawatt-hours.
The company also has made a six-year agreement with an Australia-based mining firm for the stable supply of key minerals (cobalt and nickel) used in cathode production.
LG Energy Solution is reportedly planning to submit its IPO application to Financial Supervisory Service as early as this week, aiming to list at the end of January.
In June, LG Energy suspended its IPO process on the heels of a series of recalls from American automaker General Motors’ Chevrolet Bolt electric vehicles due to possible battery cell defects that could increase the risk of fire.
General Motors has said it would seek reimbursement from LG Chem, GM’s battery cell manufacturing partner, for its estimated
LG Energy Solution said last month it will resume its planned IPO after reaching an agreement over the recall-related issue with General Motors in September.
Seoul-based analysts have forecast an IPO size of
LG Energy Solution competes with China’s CATL and BYD, Japan-based Panasonic and South Korea’s SK Innovation and Samsung SDI. LG Chem has unveiled a plan to invest \)">5.2 billion through 2025 to ramp up its battery business in the U.S.
LG Chem said last week LG Energy Solution Michigan plans to raise