The title of this article is “LG Energy Solution investing in U.S. Lithium Metal Battery Startup”
Key points from the article:
- LG Energy Solution has announced an equity investment in Sion Power, a lithium metal battery technology startup in the United States.
- Sion Power holds core lithium metal battery tech patents and their batteries are more energy-efficient compared to lithium-ion batteries.
- Dendrite formation has been a challenge in the development of Sion Power’s lithium metal battery tech, as it degrades battery life and stability.
- LG Energy Solution is building a battery facility in Arizona, where Sion Power’s headquarters is located.
- Initially, LG Energy Solution planned to produce 2170 cells in Arizona, but later shifted to 46-series cylindrical cells for the North American market.
- LG Energy Solution expects slow revenue growth in 2024 due to global economic uncertainties.
LG Energy Solution’s investment in Sion Power shows their commitment to developing next-generation battery technologies. Sion Power’s lithium metal battery tech holds promise for higher energy efficiency compared to existing lithium-ion batteries. However, the development of this technology has been hindered by challenges like dendrite formation, which affects battery life and stability.
In addition to the equity investment, LG Energy Solution is also building a battery facility in Arizona, where Sion Power’s headquarters is located. Initially, the plan was to produce 2170 cells, but later shifted to 46-series cylindrical cells for the North American market. This strategic decision aligns with LG Energy Solution’s goal of fostering greater competitiveness and creating new values through investments in next-generation technologies and business areas.
However, LG Energy Solution warns of slow revenue growth in 2024 due to global economic uncertainties. The company acknowledges that these uncertainties may affect electric vehicle car sales, which can impact their revenue. Despite this, LG Energy Solution remains optimistic about the future and continues to invest in pioneering battery technologies.