LG Energy Solution (LGES) has announced its first official corporate strategy, titled “Empower Every Possibility,” as the company looks to broaden its business beyond electric vehicle batteries and strengthen its position across the entire energy value chain. The strategy aims to double LGES’s revenue by 2028, focusing on diversifying its portfolio, expanding into new markets, and investing in next-generation battery technologies.
One of the key goals of the strategy is to reduce LGES’s reliance on the electric vehicle sector by expanding its non-EV business lines. This includes diversifying product offerings to cover a wider range of applications, from Urban Air Mobility (UAM) to vessels and robotics. “Beyond premium batteries centered on high-nickel chemistry, the company will improve its competitiveness in affordable markets through its LFP, LMFP, and high-voltage mid-nickel products,” LGES said in a press release.
Additionally, LGES plans to enter the software and services market with its Battery-as-a-Service (BaaS) model, offering battery leasing, rental, and recycling services. The company also plans to develop an Energy-as-a-Service business model to support energy stabilization and the circular energy economy.
CEO David Kim emphasized the company’s vision for long-term 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,” he said. LGES aims to lead the market in solid-state battery technologies by 2028, with a particular focus on anodeless and graphite-based anode products, as it targets leadership in the U.S. energy storage systems (ESS) market.
