MILAN (ITALPRESS) – LG Energy Solution will gain full control of NextStar Energy, detecting the 49% share of Stellantis. NextStar Energy was founded in 2022 as a joint venture by the two companies to build the first industrial battery production plant in Canada in Windsor (Ontario), and will continue to consolidate a solid, resilient and competitive base for the future of the battery industry in Canada. The transfer of ownership is the result of a strategic decision shared by the two shareholders of joint venture, LG Energy Solution and Stellantis. The decision was supported by a broad comparison with NextStar Energy’s management, aimed at ensuring a smooth transition and consolidating the growth and attractiveness of long-term investments. With the new proprietary structure, NextStar Energy will leverage the technological leadership and global operational skills of LG Energy Solution to serve even more effectively a broader customer base, including the energy storage system industry (ESS), and respond more agility to market dynamics and demand to be able to grasp future growth opportunities. Stellantis will remain a strategic customer and will continue to supply products developed by NextStar Energy.
The NextStar Energy plant is a pillar for the Canadian field of advanced production and clean energy: guarantees a reference point for the national production of batteries, consolidating the resilience of the North American supply chain and contributes to the long-term industrial competitiveness of the country. To date more than 5 billion Canadian dollars have been invested on the site employing more than 1,300 people, with a long-term goal of reaching 2,500 employees with full production capacity. NextStar Energy will continue to play a strategic role in strengthening the ecosystem of production of batteries of Canada and North America, bringing in the territory critical skills that meet the changing needs of the automotive industry and other strategic industries. The completion of the operation is subject to the necessary approvals and other conditions.
“LG Energy Solution recognises significant growth opportunities in the North American market thanks to the presence of a strategic manufacturing hub in Canada. The acquisition of the full ownership of NextStar Energy will allow us to respond promptly to the growing demand in the ESS sector and strengthen our role in the Canadian electricity industry, expanding the customer base in North America,” says David Kim, LG Energy Solution Chief Executive Officer.
“Consenting LG Energy Solution to fully exploit the capacity of the Windsor plant, we strengthen long-term profitability while guaranteeing the supply of batteries for our electric vehicles. This is a smart and strategic choice that supports our customers, our Canadian activities and our global electrification path,” adds Antonio Filosa, Chief Executive Officer of Stellantis.
“This new proprietary structure strengthens Canada’s position as a leader in battery production. It offers the stability needed to continue investments in our Canadian workforce and in our production capacity, ensuring economic benefits supported for Canada and Ontario,” concludes Danies Lee, CEO of NextStar Energy.
– Stellantis press office photos –
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