LG Energy Solution to Buy Out Stellantis’s Stake in NextStar Energy Battery Joint Venture
LG Energy Solution will acquire full ownership of NextStar Energy, Canada’s first large-scale battery plant, after Stellantis sells its 49% stake.
- $5 billion CAD
- 1,300
- 49%
What Happened
LG Energy Solution, Stellantis, and NextStar Energy announced that LG Energy Solution will acquire full ownership of NextStar Energy, with Stellantis selling its 49% equity stake. The joint venture was established in 2022 to build Canada’s first large-scale battery manufacturing facility in Windsor, Ontario. More than $5 billion CAD has been invested in the facility, which currently employs over 1,300 workers with a target of 2,500.
“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.”
Over $5 billion CAD
The facility is Canada's first commercial-scale battery plant.
Why this matters
This acquisition gives LG Energy Solution full control over Canada’s only commercial-scale battery factory, allowing it to serve more customers and strengthen North America's battery supply chain.
Terms in This Story
- Joint venture
- A business arrangement where two or more parties share ownership and risk in a project.
- ESS
- Energy Storage System, used to store energy for later use.
- Equity stake
- Ownership share in a company.
Summarised from the linked release; details can be imperfect — always verify against the original source.