Battery manufacturer LG Energy Solution just announced that its Arizona subsidiary has signed a long-term supply agreement with US automaker Rivian for 4695 cylindrical batteries. The cells will be produced at LG Energy Solution Arizona’s new standalone US facility beginning next year and will power Rivian’s upcoming R2 BEVs.
LG Energy Solution (LGES) is a spinoff entity of LG Chem specializing in battery development and manufacturing. In the four short years since the entity was founded, the Korean company has established partnerships and supply agreements with OEMs worldwide and is currently one of the leaders in its respective market behind long-time frontrunner CATL.
When the Biden administration introduced the Inflation Reduction Act, which included tax incentives for BEVs and their batteries assembled on US soil, LGES was one the most popular battery manufacturers OEMs reached out to for joint ventures to set up localized cell manufacturing in North America.
Since then, we’ve seen facility plans announced between …