MARYSVILLE, Ohio – LG Energy Solution and Honda Motor Co. have announced the formation of a joint venture to produce lithium-ion batteries for electric vehicles manufactured by Honda. The new venture, which will begin construction on a battery plant early this year, aims to have the facility completed by the end of 2024 and to begin mass production of advanced lithium-ion battery cells by the end of 2025.
The plant, which will be located in Fayette County, Ohio, is expected to have an annual production capacity of approximately 40 GWh and will supply batteries exclusively to Honda plants in North America for use in battery-electric vehicles sold in that region. The companies have committed to investing $3.5 billion and creating 2,200 jobs to establish the new production facility, with overall investment related to the venture projected to reach $4.4 billion.
“LG Energy Solution has all the right assets to make this joint venture a success, including the financial stability, quality, competitiveness, and production capacity with global operational expertise,” said Robert H. Lee, CEO of L-H Battery Company, Inc. “With two companies’ expertise combined, we will provide top-quality batteries to ensure the successful launch of Honda EVs in North America, and grow with the community here in Ohio by creating high-value jobs.”
“The formal establishment of this joint venture between LG Energy Solution and Honda to produce EV batteries in Ohio is another major step toward our electrified future,” said Rick Riggle, COO of L-H Battery Company, Inc. “We are excited to move forward with such a strong partner in LG Energy Solution, and together we look forward to establishing a strong relationship with the community in Fayette County, Ohio.”
