Stellantis to Sell Stake in Ontario Battery Plant to LG Energy Solution
Automaker Stellantis has announced the sale of its ownership stake in a joint venture battery manufacturing facility in Windsor, Ontario, to its partner LG Energy Solution. The financial details of the transaction have not been disclosed.
Established in 2022, the joint venture, NextStar Energy, was a collaboration between Stellantis and LG Energy Solution. As part of the agreement, LG Energy Solution will now become the sole owner of the Windsor plant by acquiring Stellantis’ 49% stake.
Currently, NextStar Energy employs over 1,300 workers, with plans to expand to 2,500 employees as it ramps up production. Despite the ownership change, Stellantis has affirmed its commitment to the plant and will continue to procure battery products from NextStar Energy.