LG New Energy urgently deploys lithium iron phosphate to cope with market competition

LG Energy Solution is actively developing lithium iron phosphate batteries. The company has obtained large orders for lithium iron phosphate batteries from multiple channels, including a contract with Changzhou Lithium Source, a subsidiary of Longpan Technology, to purchase 260,000 tons of lithium iron phosphate cathode materials, and a plan to build a plant with an annual output of 50,000 tons of lithium iron phosphate cathode materials in Morocco in cooperation with Huayou Cobalt. In addition, LG Energy Solution also plans to invest approximately US$15.9709 million to acquire a 20% stake in Indonesia Lithium Source after issuance. Through these measures, LG Energy Solution hopes to improve the market competitiveness of its lithium iron phosphate and lithium iron manganese phosphate batteries.