LG Energy Solution-Stellantis Joint Venture Named 'NextStar Energy'

The Joint Venture CEO is Lee Hoon-sung, LG Energy Solution Executive Director

Vice President Kim Dong-myeong, Head of LG Energy Solution's Automotive Battery Division (right), and Mark Stewart, Chief Operating Officer (COO) of Stellantis, pose for a commemorative photo at the investment announcement event for the 'LG Energy Solution-Stellantis Joint Venture Plant' held on March 23 (local time) in Windsor, Ontario, Canada. (Photo by LG Energy Solution)

[Asia Economy Reporter Moon Chaeseok] The joint venture between LG Energy Solution and the U.S. automaker Stellantis has been officially named "NextStar Energy."

LG Energy Solution announced on the 2nd that the name of the LG Energy Solution-Stellantis electric vehicle battery joint venture has been decided as such. NextStar Energy is a combination of "NextStar," symbolizing a company leading the future, and "Energy," representing LG Energy Solution.

The company explained that the name reflects both companies' commitment to leading the rapidly growing electric vehicle market's future and serving as a key base to expand dominance in the North American market. The joint venture will be led by Lee Hoon-sung, Executive Director of LG Energy Solution.

Earlier, in March, LG Energy Solution announced plans with Stellantis to establish a 45-gigawatt-hour (GWh) battery joint factory in Windsor, Ontario, Canada. The total investment amounts to 4.8 trillion KRW, with construction starting in the second half of this year and mass production planned for the first half of 2024. The produced batteries will be installed in next-generation electric vehicles launched by Stellantis brands such as Chrysler and Jeep.

Meanwhile, Samsung SDI and Stellantis have also agreed to invest $2.5 billion (approximately 3.12 trillion KRW) to build an electric vehicle battery production plant in Kokomo, Indiana, USA. Samsung SDI has filed a trademark application for "StarPlus Energy" with the patent office and is considering it as the name for the joint venture. However, the company stated that the exact name has not yet been finalized.