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Honda, LG Energy Solution Break Ground for New Battery Plant
Honda and LG Energy Solution* (KRX: 373220) today held the official groundbreaking ceremony for a new joint-venture EV battery plant to be located in Fayette County, near Jeffersonville, Ohio. The two companies have committed to invest $3.5 billion in the new joint venture (JV) facility, with their overall investment projected to reach $4.4 billion.
The facility is scheduled to be completed by the end of 2024, with plans to create 2,200 jobs, and the aim for approximately 40GWh of annual production capacity. The JV company will deliver lithium-ion batteries with cutting-edge technology to support Honda’s plan to build battery-electric vehicles (EV) in North America.
The location of the joint venture between Honda and LGES was announced on 11 October 2022, and was formally established on 12 January 2023. The plant aims to start mass production of pouch-type lithium-ion batteries by the end of 2025, to be provided exclusively to Honda auto plants to produce EVs to be sold in North America.
Honda also has announced plans to invest $700 million to re-tool several of its existing auto and powertrain plants in Ohio for production of electric vehicles that will use the batteries made at the new JV facility. Honda plans to begin production and sales of Honda EVs in North America in 2026, based on its new Honda e:Architecture. As part of its goal to achieve carbon neutrality for all products and corporate activities by 2050, Honda has a vision to make battery-electric and fuel cell electric vehicles represent 100% of its vehicle sales by 2040.
The ceremony’s attendees included Toshihiro Mibe, president and CEO of Honda Motor Co., Ltd., Dong-Myung Kim, president and head of the Advanced Automotive Battery Division of LG Energy Solution, and members of state government and local community officials. At the ceremony, the leaders of the new JV company, CEO Robert H. Lee and COO Rick Riggle, revealed a rendering of the new facility which will be located about 40 miles southwest of Columbus.
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*LG Energy Solution
LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with more than 25,000 patents. Its global network, which spans North America, Europe, Asia, and Australia, includes battery manufacturing facilities established through joint ventures with major automakers such as General Motors, Stellantis N.V., Hyundai Motor Group, and Honda Motor Company. LG Energy Solution aims to achieve carbon neutral operations by 2050.