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LG won a large order for lithium iron phosphate batteries

published: 2024-07-03 17:59

On July 2, LG Energy Solution (LGES) announced an important cooperation. The company will supply lithium iron phosphate batteries for Ampere, a subsidiary of Renault electric vehicles.

It is reported that this is also LG Energy Solution's first large-scale supply of lithium iron phosphate batteries, and it is also the first large-scale order for lithium iron phosphate batteries signed by South Korea's largest power battery manufacturer.

LG Energy Solution will supply Ampere with lithium iron phosphate batteries, which they plan to apply to a number of Renault and Alpine brand models starting in 2026.

Under the five-year contract, LG Energy Solution will supply Renault Ampere with a total of 39 GW of LFP battery packs, which are enough to support the production of 590,000 electric vehicles.

Renault Ampere said it will incorporate lithium iron phosphate technology into its mass production plans and work with suppliers CATL (Hungary plant) and LG Energy Solution (Poland plant) to establish a complete value chain in Europe.

In Europe and the United States, Chinese battery companies represented by CATL are also expanding downstream customers of lithium iron phosphate batteries.

In 2023, CATL reached an agreement with Stellantis to supply lithium iron phosphate batteries to it and jointly build a lithium iron phosphate battery factory in Europe. Stellantis is the world's fourth-largest automotive group.

CATL has also partnered with Ford Motor to build a lithium iron phosphate battery plant in the U.S. through technology licensing, with a total investment of US$3.5 billion (about 23.8 billion yuan). Ford owns the new plant, while CATL provides pre-construction and operation services, as well as licenses for patented battery technology.

The battery products of Gotion Hi-Tech and EVE in the United States are also lithium iron phosphate.
Among them, EVE's battery plant jointly built with Cummins, Daimler Trucks and PACCAR started construction at the end of last month, with an annual production capacity of about 21 GWh, and is expected to start shipping in 2026.

It is worth mentioning that Renault Ampere also announced that it will cooperate with LG Energy Solution to develop Cell-to-Pack technology.

CTP stands for module-less power battery pack, and its highlight is that the module is skipped, and the battery cells are directly integrated into the battery pack. This design allows more cells to fit in the same space in the pack, increasing the energy density of the battery and reducing manufacturing costs and weight.

LG Energy Solution CEO Kim Dong-myung said that the company will continue to expand the supply of lithium iron phosphate power batteries, starting with the European market.


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