South Korean electric vehicle (EV) battery manufacturer LG Energy Solution Ltd (LGES) aims to double its sales revenues in the next five years, from KRW34trn (US$25bn) in 2023, and achieve “mid-teen” EBITDA – the company announced during its first ever “Corporate Vision” presentation to investors this week.

LGES said it aims to achieve these targets based on rising global demand for EVs, with growth expected to accelerate from 2026, by introducing next generation battery technologies and by “positioning itself at the heart of the global circular energy ecosystem”. The company aims to not only be a battery producer, but also as a company central to the facilitation of “energy circulation across the entire cycle, from storage to movement of energy”.

David Kim, CEO of LG Energy Solution, said in a statement: “Our vision encapsulates the ultimate goal of LG Energy Solution to enable sustainable growth. The meaning of this vision is to expand our business with energy that awakens all potential powers, thereby enabling the company and its members to realize infinite growth potential.”

LGES said it is implementing four key mid-to-long-term strategies to achieve its 2028 growth targets, including:

  • Building a balanced business portfolio by expanding its non-EV businesses, thus reducing its dependence on the EV sector. The company is targeting fivefold growth in its energy storage systems (ESS) business by 2028 and aims to cement market leadership of its Mobility & IT Battery division.
  • Diversifying its EV product and customer portfolios, by moving beyond premium high-nickel batteries into lower-cost EV segments by supplying more affordable LFP, LMFP and high-voltage mid-nickel batteries. The company also said it plans to “expand its cylindrical battery customer portfolio to include traditional automakers leveraging its 46-series and actively consider developing other new form factors tailored to customer needs”.
  • Establish a significant revenue structure for its software and service businesses, following the formal launch of its “B.around” battery management services (BMS) division last month. The company plans to offer various services including battery leasing, rental and recycling, to establish a comprehensive Battery-as-a-Service (BaaS) ecosystem.
  • Strengthening leadership in next-generation battery technologies, includingfocusing on developing solid-state batteries that do not require lithium and graphite-based anodes. The company also plans to accelerate the mass production of ‘bipolar’ semi-solid batteries, low-cost high-power batteries based on sulfur and sodium, and use its dry electrode manufacturing process to “improve its competitiveness in cost, energy-density and production yield”.