LG Energy Solution has unveiled a new corporate vision titled “Empower Every Possibility,” with the goal of expanding beyond its core battery manufacturing business and establishing itself at the forefront of the global energy ecosystem. This marks the first time the South Korean firm has outlined its corporate vision since its formation in late 2020.
The vision reflects a broader ambition for LG Energy Solution to play a central role in the circular energy economy, which spans energy storage, movement, and consumption. Rather than simply producing batteries, the company aims to position itself as a comprehensive energy solution provider. It plans to tap into new business opportunities within the growing global push towards renewable energy and sustainability.
David Kim, CEO of LG Energy Solution, explained that the new vision represents the company’s drive for sustainable growth. “This vision highlights our commitment to expanding with energy that awakens potential, not only for the company but also for its people, enabling infinite growth possibilities,” he said.
Kim also emphasised the company’s strong track record of seizing opportunities to deliver remarkable results and underscored LG Energy Solution’s ambition to maintain its technological leadership while pursuing fresh business prospects.
Long-Term Strategy and Growth Targets
As part of its growth strategy, the company has outlined a plan to more than double its revenue by 2028, aiming to surpass KRW 33.7 trillion (£20.4 billion) in earnings. It also targets achieving a mid-teen EBITDA margin by the same year, excluding the benefits of the US Inflation Reduction Act tax credit.
To meet these objectives, LG Energy Solution has laid out four strategic pillars. First, the company plans to diversify beyond electric vehicle (EV) batteries by expanding into the Energy Storage System (ESS) sector and exploring emerging markets such as urban air mobility and robotics. This diversification is seen as crucial to building a resilient business structure that can weather market fluctuations.
Second, the firm intends to widen its EV battery offerings, with a focus on affordability and different chemistries such as LFP (lithium iron phosphate) and LMFP (lithium manganese iron phosphate). It is also looking to diversify its client base by developing cylindrical battery designs for traditional automakers.
Third, LG Energy Solution aims to grow its software and services offerings by creating a Battery-as-a-Service (BaaS) ecosystem. This will include battery leasing, rental, and recycling programmes, alongside its existing Battery Management Systems. The company also seeks to expand its Energy-as-a-Service (EaaS) business model to promote energy stability.
Lastly, it is focused on advancing next-generation battery technology, such as solid-state batteries, with an emphasis on anodeless and semi-solid products. The company is also exploring low-cost, high-power batteries incorporating sulphur and sodium.
Leading Battery Innovation
Looking ahead, LG Energy Solution aims to secure a leading position in North America and Europe by 2028. It has already set a five-fold revenue increase target for its ESS division by that time. The company also hopes to become a top player in the global market for mobility batteries, ESS systems, and innovative battery technologies.
As part of its overall vision, the company will embrace four core values: growth, challenge, action, and collaboration. These will guide LG Energy Solution’s efforts to expand its influence in the rapidly evolving energy landscape.
Kim concluded by stating, “We have built global standards in the battery industry, and by continuing to support each other, we will lead the way towards an even more sustainable energy future.” To learn more about LG Energy Solution’s ideas and innovations, visit https://news.lgensol.com.