Stellantis sells its share in JV NextStar Energy to LG Energy Solution

LG Energy Solution, Stellantis, and NextStar Energy today announced that LG Energy Solution will acquire full ownership of NextStar Energy, with Stellantis selling its 49 per cent equity stake to LG Energy Solution. Established in 2022, NextStar Energy is a JV intended to build Canada’s first large-scale battery manufacturing facility in Windsor, Ontario.

Under the new ownership structure, NextStar Energy will leverage LG Energy Solution’s technological leadership and global operational expertise to better serve a broader customer base, including the Energy Storage System (ESS) industry, and respond with greater agility to market conditions and demand to pursue future growth opportunities. On the other hand, Stellantis remains a committed customer and will continue to source battery products from NextStar Energy.

Statements from Stellantis and LG Energy Solution

“LG Energy Solution sees growth opportunities in North America by situating a key production hub in Canada. Full ownership of NextStar Energy will enable us to respond swiftly to the growing demand from the ESS market and position us to play a key role in Canada’s EV industry by securing additional North American-based customers”, stated David Kim, Chief Executive Officer of LG Energy Solution.

“By enabling LG Energy Solution to fully leverage the Windsor facility’s capacity, we are strengthening its long-term viability while securing the battery supply for our electric vehicles. This is a smart, strategic step that supports our customers, our Canadian operations, and our global electrification roadmap”, added Antonio Filosa, Chief Executive Officer of Stellantis.