LG Energy and Honda Starts Work on a New Joint Venture EV Battery Plant in Ohio
Honda and LG Energy Solution held the official groundbreaking ceremony for a new joint venture EV battery plant over 2 million square feet in size, to be located in Fayette County, near Jeffersonville, Ohio.
March 02, 2023. By News Bureau
The two companies have committed to invest $3.5 billion in the new joint venture (JV) facility, with their overall investment projected to reach $4.4 billion. The facility is scheduled to be completed by the end of 2024, with plans to create 2,200 jobs, and the aim for approximately 40GWh of annual production capacity.
The JV company will deliver lithium-ion batteries with cutting-edge technology to support Honda's plan to build battery-electric vehicles (EV) in North America.
The ceremony's attendees included Toshihiro Mibe, president and CEO of Honda Motor Co., Ltd., Dong-Myung Kim, president and head of the Advanced Automotive Battery Division of LG Energy Solution, Ohio Governor Mike DeWine, Lieutenant Governor Jon Husted, other members of state government and local community officials.
At the ceremony, the leaders of the new JV company, CEO Robert H. Lee and COO Rick Riggle, revealed a rendering of the new facility which will be located about 40 miles southwest of Columbus.
"It is an honor to represent two great corporations, Honda and LG Energy Solution, both with a long, proud history of success. LG Energy Solution is the leading battery manufacturer globally and is investing aggressively to meet demand for electrification. We are excited to embark on this partnership with Honda, a leader in the global auto industry with a reputation for quality and reliability," said Lee. "If we harness these strengths, I have no doubt our joint venture will be the most successful battery plant in the world, and we look forward to being a part of this massive transformation toward sustainability."
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