According to recent reports, two insiders revealed that LG Energy Solution (LGES) is in discussions with India’s JSW Energy to establish a battery joint venture.
The report states the joint venture will require an investment of over $1.5 billion (US) and is planned to produce batteries for electric vehicles (EVs) and renewable energy storage. One of the sources mentioned that the two companies have signed a preliminary cooperation agreement, where LGES will provide the technology and equipment for battery manufacturing, while JSW will make the capital investment.
Two sources also noted that discussions include the possibility of establishing a factory in India with a total capacity of 10 GWh, with 70% of the output earmarked for energy storage and electric vehicles by JSW, while the remaining capacity will be used by LG Energy Solution.
“LGES wanted a partner in India and JSW is interested because it is coming up with its own brand of EVs starting with buses and trucks, and later on cars,” the second insider commented.
The sources further indicated that the agreement is non-binding and that both companies aim to have the joint venture plant operational by the end of 2026. A final decision is expected within the next three to four months. One of the insiders revealed that JSW has proposed a 25-year agreement with LG Energy Solution, but the Indian company is also in talks with other battery manufacturers.
In a statement, LG Energy Solution said: “We are exploring various potential business opportunities and closely monitoring market conditions.” However, the company stated that it currently has no specific plans for the Indian market. And JSW declined to comment on the report.
Source: WeChat Official Account—鑫椤锂电
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