NextStar Energy is new name of Stellantis-LG Energy Solution battery joint venture
The future site of an electric vehicle battery manufacturing plant in Windsor, Ont. Stellantis and LG Energy Solution made the announcement alongside government officials on Wednesday, March 23, 2022. (Rich Garton/CTV Windsor)
Stellantis and LG Energy Solution has announced the official name of its battery joint venture company.
NextStar Energy Inc. is the new name, according to a news release from Stellantis on Thursday.
Danies Lee has been appointed Chief Executive Officer (CEO) of the new company.
“I am extremely humbled by this appointment and look forward to putting in place the senior leadership team of NextStar Energy who will help me achieve our vision of producing leading-edge lithium-ion battery cells and modules to meet a significant portion of Stellantis’ vehicle production requirements in North America,” said Lee.
NextStar Energy will be Canada’s first large-scale lithium-ion battery production plant.
Stellantis and LG Energy Solution committed to invest over $5 billion to establish automotive battery operations in Windsor, with support from municipal, provincial and federal governments.
The manufacturing facility is targeted to have an annual production capacity in excess of 45 gigawatt hours and will create an estimated 2,500 new jobs in Windsor and the surrounding areas.
Plant construction activities are expected to begin later this year with production operations planned to launch in the first quarter of 2024.
Officials say NextStar Energy will play an important role in the Stellantis Dare Forward 2030 strategic plan, which aims to have more than 50 per cent BEV sales in North America by the end of the decade.
The closing of the battery joint venture company is subject to customary closing conditions, including regulatory approvals.
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