LGES-Honda Battery Plant in Ohio Reaches Another Major Construction Milestone

LG Energy Solution and Honda marked another major milestone of construction for its new joint venture EV battery facility this week when the first steel beam was installed at the plant site in Jeffersonville, Ohio. The companies have committed to invest $3.5 billion, with plans to create 2,200 jobs, in the over 2 million square feet facility, with an overall investment projected to reach $4.4 billion.

"There are many beginnings when you form a new company to build a new facility, but today is an important milestone for the LGES-Honda team, for the local community and everyone working at the site to create our new EV battery facility," said Bob Lee, CEO of the new LGES-Honda joint venture. "Construction is on track and we look forward to reaching many more milestones on the way to starting production of EV batteries in 2025."

The new joint venture facility is scheduled to be completed by the end of 2024, with an annual production capacity of approximately 40GWh. The joint venture aims to start mass production of pouch-type lithium-ion batteries in 2025, to be supplied exclusively to Honda auto plants to produce* EVs to be sold in North America.

Future employment information and other updates regarding the LGES-Honda joint venture operation can be found at www.lgeshonda.com.

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*Using domestic and globally sourced parts

About LG Energy Solution
LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 25,000 patents. Its robust global network, which spans North America, Europe, Asia, and Australia, includes battery manufacturing facilities established through joint ventures with major automakers such as General Motors, Stellantis N.V., Hyundai Motor Group, and Honda Motor Co. Ltd. At the forefront of green business and sustainability, LG Energy Solution aims to achieve carbon neutral operations by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution's ideas and innovations, visit https://www.lgensol.com.

About Honda Motor Co., Ltd.
Honda Motor Co., Ltd. (NYSE: HMC) is responsible for the development, production and sales of automobiles, motorcycles, power products and aviation products worldwide. Honda now delivers over 30 million products annually through its three product lines. Honda and its partners build products in more than 60 manufacturing plants in 27 countries, employing about 220,000 associates globally. On a global basis by 2050, Honda is striving to achieve carbon neutrality for all products and corporate activities, as well as zero traffic collision fatalities involving Honda automobiles and motorcycles.

Media Contacts:

Sally Seung Yeon Lee
Global Communications Team / LG Energy Solution

+82 2 3773 6571

Sophia Sojeong Kim
Global Communications Team / LG Energy Solution
+ 82 2 3773 4496

American Honda Motor Co., Inc.
Chris Abbruzzese