JAKARTA - LG Energy Solution and Honda Motor Co. officially announced the establishment of its EV battery joint venture (JV), temporarily known as LH Battery Company in Ohio.
The new lithium-ion battery cell factory will be built in Fayette County, near Jeffersonville, in Ohio, with a target production capacity of 40 GWh per year.
According to its release, the company will begin construction of a new battery plant earlier this year with a completion goal by the end of 2024 and begin mass production of advanced lithium-ion battery cells by the end of 2025.
All batteries produced by the new joint venture will be supplied exclusively to the Honda plant in North America to power battery-electric vehicles sold in North America.
The partnership between LG Energy Solution is Honda's way of securing a stable and high-volume lithium-ion battery cell supply for the upcoming all-electric model in North America.
"With the combined expertise of the two companies, we will provide the best quality batteries to ensure the successful launch of Honda EVs in North America, and grow up with communities here in Ohio by creating high-value jobs," said Robert H. Lee, CEO of LH Battery Company, Inc.
Rick Riggle as COO of LH Battery Company also said that the establishment of a formal joint venture between LG Energy Solution and Honda to produce EV batteries in Ohio is another major step towards the company's electrification future.
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