BYD’s new battery subsidiary FinDreams officially announced Saturday the successful signing of a Memorandum of Understanding (MoU) with South Korean LG Electronics on September 4 in Seoul.
The two major companies primarily aim to expand their operations in the United States and Europe under strategic cooperation, CnEVPost reports, citing the press release.
Partnership details
As per the agreement, FinDreams will leverage its LFP 4680 battery in co-developing industry-leading products for European and American customers with LG Electronics.
Both parties will trade skills and expertise in developing new battery technologies. Unfortunately, the press release omitted to elaborate on the partnership details.
Nonetheless, it seems that FinDreams will provide its LFP 4680 batteries for LG’s energy storage offerings in the two major markets,
Apart from that, the parties have apparently discussed potential roadmaps and strategies for the planned expansion, especially amid the US Inflation Reduction Act.
BYD’s battery production prowess
BYD is currently the world’s top two leading power battery manufacturers, with a 16% market share. Its battery capacity installments reached 58.1 GWh in the first seven months of 2023, SNE Research data revealed.
In September, its power and energy storage capacity deployment reached approximately 14.348 GWh. It indicated an astounding 66.64% from 8.610 Gwh in September 2022. According to the local publication, it also recorded a month-on-month 3.02% growth from just 13.928% in August.
FinDreams to erect a $1.2B battery factory in China
FinDreams seeks to construct a new battery production plant in East-Central China amounting to $1.2 billion, according to the environmental applications displayed on the Zhengzhou Government page in early 2023.
However, the proposal is yet to be approved by the provincial government. EV-a2z also reported that the planned facility will hit an annual production output of 40 GWh of Blade Battery.
FinDreams and LG Electronics also plan to partner in various projects like home energy storage, robotics, and other smart home technologies in the future.
