LG Energy Solution and indiGOTech Team Up on 46-Series Battery Supply
TECHWORLD ·
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LG Energy Solution and indiGOTech signed a strategic memorandum of understanding (MOU) on the 1st.
The two companies agreed to discuss, from 2027 to 2030, prioritizing LG Energy Solution's 46-series cylindrical battery cells for Flow Ride and Flow Cargo.
They also agreed to pursue optimization between the vehicle and battery to extend driving range and shorten charging time.
LG Energy Solution and indiGOTech signed a strategic memorandum of understanding (MOU) on the 1st. The agreement connects LG Energy Solution's push to expand its 46-series cylindrical battery business in the North American commercial EV market with the next-generation electric commercial vehicle that indiGOTech is developing.
The vehicles covered by the agreement are indiGOTech's next-generation electric commercial vehicles, Flow Ride and Flow Cargo. The two companies will discuss a plan to give priority to applying LG Energy Solution's 46-series cylindrical battery cells to those models, with supply talks scheduled for 2027-2030.
The two companies will pursue technical cooperation alongside discussions on battery supply. The goal of the technical cooperation is to improve vehicle performance, and they will jointly push ahead with optimization work between the vehicle and battery to extend driving range and shorten charging time. The company said the agreement is a cooperation plan to enhance vehicle performance.
indiGOTech is a U.S. electric commercial vehicle startup founded in 2010. Its core technology is SmartWheels, which integrates the drivetrain and suspension system into the vehicle's wheels, and it is developing electric commercial vehicles for logistics, delivery and ride-hailing services.
Through this partnership, LG Energy Solution aims to expand use cases for 46-series batteries in the North American electric commercial vehicle market and secure a broader base of new customers. The company is pursuing a TaaS business, which is built around combining charging infrastructure with digital mobility services.
The electric commercial vehicle market continues to grow. Rising logistics and delivery demand and the shift to electrification are cited as the background. Global Market Insights projected that the global electric van market will grow from about USD 16.3 billion in 2024 at a compound annual growth rate of 15.5% to about USD 65.6 billion in 2034.
LG Energy Solution is expanding its business by increasing its local production base in North America and broadening its 46-series customer base. The cylindrical battery plant in Queen Creek, Arizona, is slated to begin operations within this year. As of the second quarter of this year, cylindrical battery shipments had increased 1.5 times from a year earlier. Based on this, the company plans to expand new orders for 46-series cylindrical batteries going forward.
Will Graylin, CEO of indiGOTech, said there is a shortage of EVs and charging infrastructure suitable for the electrification and automation of ride and delivery services, and added that through its cooperation with LG Energy Solution, the company plans to improve the economics for vehicles, drivers and fleet operators.
Oh Seong-hwan, head of the Marketing Group in the Small Battery Business Division at LG Energy Solution, described the partnership as a case of securing new U.S. customers with the NCM-based 46-series. He said the company will use the agreement as an opportunity to pursue expansion into the electric commercial vehicle market and accelerate the growth of its 46-series business.
Source: TECHWORLD · Kim Seung-gi
Original: https://www.epnc.co.kr/news/articleView.html?idxno=407633
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Source: TECHWORLD
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