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LG Energy Solution (KRX: 373220), Stellantis (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP), and NextStar Energy have announced that LG Energy Solution will acquire full ownership of NextStar Energy, with financially ailing Stellantis selling its 49 per cent equity stake to LG Energy Solution. (Read AutoInformed.com on:Stellantis €22.2B Charges. Dividend Cancelled. Stock Tanks) NextStar Energy was established as a joint venture by the two companies in 2022 to build Canada’s first large-scale battery manufacturing facility in Windsor, Ontario, NextStar Energy’s facility is one of Canada’s most advanced manufacturing venture in the clean-energy sector. At its inception it was said to support Canada’s long-term industrial competitiveness. More than $CAD 5 billion has been invested in the facility to date, and it employs over 1300 employees, with a long-term target of 2500 employees as it scales to full production. [ That was before the Trump Administration’ war on Global Warming and its planet threatening consequences – AutoCrat. ]*
“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.
The closing of this transaction is subject to approvals and other conditions.
*AutoInformed on
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
Stellantis Sells NextStar Energy Canadian Battery Plant
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LG Energy Solution (KRX: 373220), Stellantis (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP), and NextStar Energy have announced that LG Energy Solution will acquire full ownership of NextStar Energy, with financially ailing Stellantis selling its 49 per cent equity stake to LG Energy Solution. (Read AutoInformed.com on:Stellantis €22.2B Charges. Dividend Cancelled. Stock Tanks) NextStar Energy was established as a joint venture by the two companies in 2022 to build Canada’s first large-scale battery manufacturing facility in Windsor, Ontario, NextStar Energy’s facility is one of Canada’s most advanced manufacturing venture in the clean-energy sector. At its inception it was said to support Canada’s long-term industrial competitiveness. More than $CAD 5 billion has been invested in the facility to date, and it employs over 1300 employees, with a long-term target of 2500 employees as it scales to full production. [ That was before the Trump Administration’ war on Global Warming and its planet threatening consequences – AutoCrat. ]*
“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.
The closing of this transaction is subject to approvals and other conditions.
*AutoInformed on
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.