Battery modules consist of cells, which are basic units of batteries. Battery cells are put together in a frame to form a module that can protect cells from external shock and heat. When modules are bundled up, they become battery packs, the final form of the battery system installed in EVs. According to data released by market research firm Polaris Market Research, the global EV battery market which stood at $50.1 billion in 2021 will grow with an annual growth rate of 18.9 percent between 2022 and 2030.
LG Energy Solution (LGES) said in a statement that battery modules with a total capacity of about 19 gigawatt-hours (GWh) will be provided to Freudenberg. LGES' battery modules can be installed into more than 50,000 Freudenberg's high-performance commercial vehicles. The battery modules will be assembled at Freudenberg's factory located in Midland, Michigan.
"Together with Freudenberg, we will endeavor to create unparalleled customer value through differentiated capabilities accumulated across the entire battery-related field, such as battery cells, modules, packs, and BMS (battery management system)," LGES's advanced automotive battery division head Kim Dong-myung said in a statement on February 2.
LGES has strived to expand its partnership with battery material companies in North America including Elctra and Avalon to build supply chains that meet the inflation reduction act (IRA) incentive conditions. The IRA only subsidizes electric vehicles using batteries, which are assembled in North America and contain more than a certain percentage of core minerals extracted in the region.
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