On February 6, Stellantis announced that it will sell its 49% equity stake in NextStar Energy to LG Energy Solution. NextStar Energy was established as a joint venture between Stellantis and LG Energy Solution in 2022, with plans to invest over US$4.1 billion to build Canada's first large-scale battery manufacturing plant in Windsor, Ontario. The facility is targeting an annual production capacity of 49.5 GWh, though the scale of capacity may be adjusted based on future operational planning.
To date, NextStar Energy's plant has already invested more than CA$5 billion. Originally designed for automotive battery production, the facility began manufacturing energy storage system (ESS) batteries at the end of November last year and plans to more than double its ESS battery output this year.
Upon completion of the transaction, NextStar Energy will become a wholly-owned subsidiary of LG Energy Solution.
Edited by Cassie Li, lixiangying@mysteel.com
