LG Energy Solution announced that it will acquire full ownership of NextStar Energy following a joint strategic decision with Stellantis. As part of the agreement Stellantis will sell its 49% equity stake to LG Energy Solution. The transaction is subject to customary regulatory approvals and closing conditions.
NextStar Energy was established in 2022 to build Canada’s first commercial scale battery manufacturing facility in Windsor Ontario. The ownership transition was mutually agreed by both shareholders after consultation with NextStar Energy’s leadership to ensure continuity and long term stability.
Under the new structure NextStar Energy will leverage LG Energy Solution’s technology capabilities and global operational experience to serve a broader customer base including the energy storage system segment and respond more flexibly to market demand. Stellantis will remain a key customer and continue sourcing battery products from the facility.
More than 5 billion Canadian dollars have been invested in NextStar Energy to date. The facility currently employs over 1,300 people with a long term target of 2,500 employees as production scales. The site plays a central role in strengthening Canada’s clean energy manufacturing base and the North American battery supply chain.
Leave a comment