LG Energy Solution Expands Electric Vehicle Battery Management Business

Signed MOU with Redcap Tour
Secured Electric Vehicle Operation Data
Promoting Management Service Business

LG Energy Solution is partnering with travel agency and car rental service provider Redcap Tour to expand its Battery as a Service (BaaS) offerings. BaaS is a business model that provides various services based on data generated throughout the entire battery lifecycle.

On the 30th, LG Energy Solution announced that it signed a Memorandum of Understanding (MOU) for strengthening the electric vehicle battery management business at Redcap Tour’s headquarters in Jung-gu, Seoul, with Kim Taeyoung, Head of Service Business Development TASK at LG Energy Solution, and Kim Kyungyeol, General Manager of the Rental Car Business Division at Redcap Tour, among others in attendance.

Through this MOU, both companies agreed to collaborate on expanding electric vehicle battery management solution services such as LG Energy Solution’s ‘B-Life Care’ and discovering new battery-based services. ‘B-Life Care’ is one of LG Energy Solution’s representative BaaS businesses. It provides battery-related services to individual electric vehicle users, including continuous battery diagnostics, lifespan prediction, and residual value assessment. It is also applying battery management services to fleets of electric vehicles owned by companies.

On the 30th, at the Redcap Tour headquarters in Jung-gu, Seoul, Kim Tae-young, Head of Service Business Development TASK at LG Energy Solution, and Kim Kyung-yeol, Senior Executive Director of the Rent-a-Car Business Division at Redcap Tour, signed a business agreement (MOU) for electric vehicle battery management and took a commemorative photo.
[Photo by LG Energy Solution]

LG Energy Solution plans to equip Redcap Tour’s rental cars for public institutions with electric vehicle-specialized management services. This will provide an integrated service that allows checking information on individual vehicles and the overall status of electric vehicle operations for efficient management. In the future, the company plans to expand services through battery data usage analysis to include electric vehicle management and diagnostics, certification, and post-use battery utilization.

With this collaboration, LG Energy Solution aims to secure stable electric vehicle driving data and enhance its service technology capabilities to advance the BaaS business. Redcap Tour plans to use LG Energy Solution’s electric vehicle battery management solutions to provide optimized battery diagnostic services to customers and increase market competitiveness through efficient electric vehicle asset management.

Kim, the head of the task, said, “As the electric vehicle market continues to grow, the importance of the BaaS business that can efficiently manage electric vehicle batteries is increasing. Through this collaboration, we will strive to develop more advanced battery management services and provide customers with the best electric vehicle management solutions.”

Kim, the general manager, said, “This MOU between the two companies will smartly transform the operation of electric vehicles for public institutions and companies, serving as an opportunity to open the future of eco-friendly vehicle use. We will provide safe and efficient electric vehicle usage experiences to the employees of our client companies.”