“The ownership transition is a mutually agreed, strategic decision by the joint venture’s two shareholders, LG Energy Solution and Stellantis. The decision was informed by extensive engagement with NextStar Energy’s leadership team to ensure a seamless transition and strengthen the company’s long-term growth and investment outlook,” the companies said in a release.

“Under the new ownership structure, NextStar Energy will leverage LG Energy Solution’s technological leadership and global operational expertise to better serve a broader customer base, including the Energy Storage System (ESS) industry, and respond with greater agility to market conditions and demand to pursue future growth opportunities.

“NextStar Energy will continue to play a pivotal role in strengthening Canada’s and North America’s battery manufacturing ecosystem by on-shoring critical capabilities that meet the evolving needs of the automotive manufacturing sector and other strategic industries,” NexStar claimed.