Signing of Business Agreement... Specific Scale Under Discussion
Aiming for 'Standardized Lithium Battery Pack Manufacturing'
LG Energy Solution Accelerates Expansion Beyond Electric Vehicles
Doosan Bobcat is developing a 'battery pack' for small construction equipment in collaboration with LG Energy Solution. Through this partnership, Doosan Bobcat has further intensified its battery pack manufacturing business, which it entered in 2023, while LG Energy Solution has expanded the application of its batteries beyond electric vehicles to the construction equipment market.
Doosan Bobcat and LG Energy Solution announced on the 19th that they have signed a Memorandum of Understanding (MOU) for the development of a battery pack solution for small construction equipment. Through this agreement, the two companies plan to equip Doosan Bobcat's representative construction equipment models with LG Energy Solution's cylindrical batteries as part of their electrification project.
Doosan Bobcat's fully electric construction equipment 'T7X'. Doosan Bobcat and LG Energy Solution announced on the 19th that they have signed a business agreement to develop a 'standardized battery pack' for such construction equipment. Photo by Doosan Bobcat
They also plan to jointly develop a 'standardized battery pack' that can be applied to various small construction equipment. The standardized battery pack will be designed for use in construction equipment such as loaders and excavators, as well as agricultural and landscaping equipment like tractors. The companies will cooperate to target key markets including North America with the battery packs developed in this way.
As a construction equipment company, Doosan Bobcat has expanded into the battery pack business necessary for equipment electrification since 2023. The company acquired battery pack technology from the global lithium-ion battery company, China's Cosmax. Since the second half of last year, it has been selling electric forklifts equipped with these battery packs.
LG Energy Solution announced last year through its vision declaration that it would actively expand its business beyond electric vehicles to build a balanced business portfolio. It is considering various fields such as energy storage systems (ESS), electric two-wheelers, and power tools. With this agreement, LG Energy Solution has expanded its customer and product portfolio to the construction equipment market and stated that it plans to further expand into new mobility sectors such as aviation and shipping.
Park Hyun-chul, Vice President of Doosan Bobcat, said, "We are pleased to jointly develop a pack suitable for small construction equipment based on LG Energy Solution's cells, which have quality and stability," adding, "We will standardize battery packs for small construction equipment and provide solutions to major global markets such as North America." Oh Yu-sung, Head of LG Energy Solution's Small Battery Business Division, said, "We have high expectations for collaborating with global construction equipment company Doosan Bobcat to develop electrification technology and promote business."
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