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Empower Every Possibility: LG Energy Solution Unveils Corporate Vision, Announces Mid-to-Long-Term Business Strategies

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Company to expand into ‘circular energy business,’ going beyond battery manufacturingLG Energy Solution plans to stand at the center of the entire circular energy ecosystem, unlocking limitless business opportunitiesThe company aims to lead market as a comprehensive energy solution provider, leveraging its accumulated technological prowess and capabilitiesFour key mid-to-long-term strategies announced, aiming to more than double the revenue by 2028Building a balanced business portfolio by expanding Non-EV businessesDiversifying product and customer portfoliosEstablishing a foundation for software and service businessesStrengthening leadership in next-generation battery technologySEOUL, South Korea, Oct. 7, 2024 /PRNewswire/ — LG Energy Solution has announced its corporate vision of “Empower Every Possibility” with the aim of transcending the battery manufacturing sector and positioning itself at the heart of the global circular energy ecosystem. This marks the first time LG Energy Solution has introduced a corporate vision since its establishment at the end of 2020.

The new vision underscores that the essence of LG Energy Solution’s business lies not merely in battery production, but in facilitating the energy circulation across the entire cycle from storage to movement of energy. The company intends to become the center of this energy ecosystem, unlocking limitless business opportunities.
The company also aims to lead the market as a comprehensive energy solution provider by continuously evolving its business structure, including expanding beyond hardware to software and services business while building a more sustainable energy ecosystem.
“Our vision encapsulates the ultimate goal of LG Energy Solution to enable sustainable growth,” said David Kim, CEO of LG Energy Solution. “The meaning of this vision is to expand our business with energy that awakens all potential powers, thereby enabling the company and its members to realize infinite growth potential.”
He added, “Based on LG Energy Solution’s DNA of success, which continually embraces opportunities to achieve remarkable results, we will generate more business prospects while strengthening our technological leadership to thrive in the market.”
Eyes set on doubling the revenue by 2028, the company outlines four mid-to-long-term strategies LG Energy Solution presented its five-year goals to more than double the revenue compared to 2023 (KRW 33.7 trillion), and achieve mid-teen percent EBITDA margin (excluding the IRA tax credit) by 2028 to secure stable profitability and cash generation capabilities.
Aligned with these goals, the company also outlined four mid-to-long-term strategies: building a balanced business portfolio by expanding non-EV businesses; diversifying the EV product and customer portfolios; securing a business foundation in software and services; and strengthening next-generation battery technology leadership.
First, the company will seek to secure a balanced business portfolio by actively expanding its non-EV businesses. The company plans to reduce dependence on the EV battery business and continue to increase the Energy Storage System (ESS) business in its portfolio. Furthermore, the company will put more efforts into new application businesses with high growth potential, such as Urban Air Mobility (UAM), vessels, and robotics to construct a more resilient business structure that can withstand market fluctuations.
Second, LG Energy Solution will diversify its EV products and customers. Beyond premium batteries centered on high-nickel chemistry, the company will improve its competitiveness in affordable markets through its LFP, LMFP, and high-voltage mid-nickel products. Additionally, the company plans to expand its cylindrical battery customer portfolio to include traditional automakers leveraging its 46-series, and will actively consider developing other new form factors tailored to customer needs.
Third, the company aims to establish a solid revenue structure with the expansion of its software and service businesses. In addition to its industry-leading Battery Management Systems (BMS), the company will offer various services including battery leasing, rental, and recycling to establish a comprehensive Battery-as-a-Service (BaaS) ecosystem. Furthermore, it will evolve its Energy-as-a-Service (EaaS) business model to contribute more to energy stabilization and the circular energy economy.
Finally, LG Energy Solution will focus all efforts on securing leadership in next-generation battery technologies to bring more innovation to the sector. Regarding solid-state batteries, the company plans to lead the market by producing anodeless products that exclude lithium anodes, and ‘graphite-based’ anode products. The company also plans to accelerate the mass production of ‘bipolar’ semi-solid batteries and low-cost high-power batteries applying sulfur and sodium. Furthermore, leveraging its outstanding dry electrode manufacturing process, the company will rapidly enhance its overall competitiveness in cost, energy density, and production yield.
Each business division shares key strategies to gain upper hands in future markets Following the announcement of its vision, LG Energy Solution presented detailed mid-to-long-term market strategies for its core Advanced Automotive Battery, Mobility & IT Battery, and Energy Storage Systems (ESS) Battery businesses.
For the Advanced Automotive Battery division, the company unveiled a growth roadmap with the mid-to-long-term goal of securing the top position in North America and reinforcing its foothold in Europe by enhancing its fundamental strengths. By 2026, the division will focus on overcoming the temporary slowdown of the EV market by improving the operational efficiency of its global production facilities. By 2028, it intends to solidify competitive edge in materials and processes with high-voltage mid-nickel pouch products and dry electrode LFP products. By 2030, the division has set an objective of securing a leading position in the EV battery market through overwhelming technological prowess and strategies tailored to specific regions and customers.
The mobility & IT battery division aims to cement its current position as the No. 1 in the global market and further widen its lead by 2028. To this end, the division will prioritize the successful mass production of its 46-series that is optimized for mobility environments, securing competitiveness across various EV models. Additionally, it will actively pursue new customer acquisition in high-power products such as power tools, vacuum cleaners, and battery backup units (BBUs), as well as in AI data servers. Furthermore, the division plans to enhance cost competitiveness by securing new technologies and processes, and achieve logistical advantages through the strategic expansion of its global production sites.
For the ESS business, the division targets a five-fold increase in revenue by 2028 through securing the largest market share in the U.S. ESS battery market. It also aims to become among the top three global system integrators (SI). In the near term, the division will pursue a leading position in the North American market through the full-scale production of ESS cells in the U.S., which is set to start in 2025, advanced SI capabilities through LG Energy Solution Vertech, and new products with higher energy capacity and longer duration. In the long term, LG Energy Solution plans to proactively respond to the rapidly changing market and secure high-margin opportunities by developing next-generation products and strengthening its power trading business.
Pursuing four core values of growth, challenge, action, and collaboration to achieve its visionIn order to achieve its vision and four mid-to-long-term strategies, LG Energy will actively pursue four core values: Power of Growth; Power of Challenge; Power of Action; and Power of Collaboration.
These core values emphasize the need to continuously strive for growth, challenge seemingly impossible goals, execute on set objectives, and work together to achieve common aims.
To this end, LG Energy Solution plans to foster a corporate culture of execution, where employees are encouraged to challenge themselves with new perspectives and approaches so that they can diligently pursue their goals once a direction is set. The company also highlighted the importance of collaboration among its workforce of 35,000 employees with diverse nationalities, backgrounds, and experiences to create differentiated value.
“We have established global standards in the battery industry with our longstanding legacy in the business and will continue to maintain our industry leader status,” said David Kim, CEO of LG Energy Solution. “I am confident that if we support each other as pace-setters and join hands, our long journey will lead us to even more wonderful landscapes and futures.”
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 58,000 patents. Its robust global network, which spans North America, Europe, and Asia, includes battery manufacturing facilities established through joint ventures with major automakers. Committed to building sustainable battery ecosystem, LG Energy Solution aims to achieve carbon neutrality across its value chain 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://news.lgensol.com.

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Sinch Honored with Frost & Sullivan’s Enlightened Growth Leadership Award

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Recognized for Commitment to Making the World a Better Place Through Innovative Growth, Customer Value, and Sustainable Business Practices
STOCKHOLM, Oct. 7, 2024 /PRNewswire/ — Sinch (Sinch AB (publ) – (XSTO: SINCH), which is pioneering the way the world communicates through its Customer Communications Cloud, is pleased to announce that it has been awarded the Enlightened Growth Leadership Best Practices Recognition by the Frost & Sullivan Institute. This prestigious award celebrates Sinch as a Company of Action, for demonstrating best practices in its growth journey, while aligning with Frost and Sullivan’s “innovation to zero” initiative, which focuses on addressing global challenges through sustainable and responsible business practices.

In addition to its sustainability efforts, Sinch was recognized for its technology leadership, leveraging innovations like its cloud-based infrastructure for scalability and cost efficiency, and its API-first approach for rapid integration and customization. AI capabilities are embedded across Sinch’s entire portfolio, enhancing customer experience and operational efficiency, further solidifying its position as a leader in communication technology. The award acknowledges companies that drive significant economic impact and drive transformation, with Sinch advancing toward a future where environmental responsibility and business success are seamlessly aligned.
Sinch was specifically recognized for its dedication to the Science Based Targets initiative aimed at meeting the Paris Agreement’s 1.5°C goal. The company proactively assesses the environmental impact of its products and emphasizes responsible business practices that minimize waste and pollution.
“We are honored to be recognized for our commitment to sustainable growth, innovation, and our dedication to our employees, partners and customers,” shared Jonathan Bean, Chief Marketing Officer at Sinch. “This award reflects our focus on enhancing the customer experience by fostering a culture of responsibility, excellence, and forward-thinking. It also serves as a reminder of our ongoing commitment to reducing our environmental impact, fostering inclusive workplaces, and upholding the highest standards of ethical business practices with our customers and partners,” added Bean.
Sinch believes in the power of communication as a force for good and recognizes its responsibility to lead by example, especially as it powers billions of engagements each year. The company’s Environmental, Social, and Governance (ESG) initiatives are closely aligned with its core values, ensuring that its innovations and strategies not only connect people but also contribute to a sustainable and equitable future.
For further information, please contact:  Janet Lennon, Director of Global Communications [email protected]
This information was brought to you by Cision http://news.cision.com
 

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LG Innotek Becomes Industry’s First to Use AI to Prevent Input of Defective Raw Materials in Production

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Achieved early detection of cause of defects in raw materials through AI, becoming “first to overcome this challenge in the industry”Applied to high-value semiconductor substrates, analyzing raw material defects in only one minuteReduces defect analysis time by up to 90%SEOUL, South Korea, Oct. 7, 2024 /PRNewswire/ — Today, LG Innotek (CEO Moon Hyuksoo) announced the development and application of the industry’s first “Artificial Intelligence (AI)-based inspection system for incoming raw materials”, designed to detect defects at the point of receipt and prevent the use of substandard raw materials in the process.

LG Innotek applied its AI-based inspection technology, developed by combining material information and AI image processing technologies, to the RF-SiP (Radio Frequency System-in-Package) process. Recently, the technology was also introduced for the FC-BGA (Flip Chip Ball Grid Array), and is expected to further enhance the competitiveness and quality of LG Innotek’s high-value semiconductor substrate products.
Previously, incoming raw materials underwent only a visual inspection before entering the production process. However, the continued advancement of semiconductor substrate technology changed this. Even after improving all in-process defect causes, failures in reliability evaluations continued to rise. This led the quality of incoming materials to gain attention as a decisive factor affecting reliability evaluations. 
The core raw materials (i.e. Prepreg (PPG), Ajinomoto Build-up Film (ABF), and Copper-Clad Laminate (CCL)) that comprise semiconductor substrates arrive as a mixture of glass fibers, inorganic compounds, and other components. In the past, air voids (gaps between particles) or foreign particles generated during the material mixing process did not significantly impact product performance. However, as substrate specifications, such as circuit spacing, have become increasingly stringent, the presence of air voids and foreign particles, depending on their size, has started to cause defects.
As a result, it is virtually impossible to identify which part of the raw material is responsible for the defect using traditional visual inspection methods, which has become a significant challenge for the industry.
If we were to compare one lot of raw materials mixture (unit of raw materials with the same characteristics that goes into the production process) to a batch of cookie dough, it is impossible for the eye to perceive the concentration of salt or sugar in a certain portion, the number of air holes in the dough, or the number of foreign particles.
LG Innotek has found a way to overcome this industry challenge with AI. Its “AI-based Inspection System for Incoming Raw Materials” has been trained with tens of thousands of pieces of data on the composition of materials that are either suitable or unsuitable for a product. Based on this, it analyzes the components and defective areas of semiconductor substrate raw materials in only one minute, with an accuracy rate of over 90%, and visualizes quality deviations in each lot of raw materials.
By using AI machine learning to visualize, quantify, and standardize material configurations optimized for quality, LG Innotek has been able to prevent defective raw materials from entering the production process. The company can change the material design based on the quality deviation information visualized by the AI system, allowing it to ensure that the quality of the raw materials lot is uniform at a suitable level before entering the process.
An LG Innotek official commented, “With the “AI-based Inspection System for Incoming Raw Materials”, the time required to analyze defects has been decreased by up to 90%, and the cost of resolving the causes of defects has been significantly reduced.”
LG Innotek plans to enhance the AI system’s detection capabilities by sharing raw materials-related data with customers and suppliers in the substrate sector through digital partnerships.
Additionally, the company aims to expand the system’s application to optical solutions, such as camera modules, where the image-based detection of material defects can play a crucial role.
LG Innotek CTO S.David Roh said, “With the “AI-based inspection system”, we will complete LG Innotek’s unique AI ecosystem, which delivers exceptional customer value by identifying causes of product defects early in the production process.” He added, “We will continue innovating in digital production technology to create top-quality products at the lowest cost and in the shortest time.”
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CogX Unveils Innovative Knowledge Networking Platform, Proxxi AI, at the CogX Leadership Summit

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New platform uses pioneering “Expert-in-the-Loop” model that matches questions from users with the best specialists to answer them – all assisted by state-of-the-art AI
LONDON, Oct. 7, 2024 /PRNewswire/ — CogX Group Ltd, the tech community and online platforms group, which brings together the sector’s leaders and innovators from across the world, will showcase today its new knowledge networking platform, Proxxi AI, an “expert-in-the-loop” model that connects users and specialists to provide bespoke answers to their questions, assisted by state-of-the art AI.

Proxxi AI will be unveiled later at CogX’s London Leadership Summit at the historic Royal Albert Hall. Proxxi AI understands user questions, identifies the best available experts, assists them with answers based on their own trained “proxxi”, and features a broad range of subjects to deliver the best of AI, but with human oversight.
The live stream of the Summit will be available on YouTube from 10 am here.
Proxxi AI aims to play a leading role within a global knowledge management marketplace projected to grow beyond $1 trillion by 2026 (MarketsandMarkets), with organisations seeking faster, reliable, and lower-cost ways to access expertise and stay ahead of the curve.
Employing the latest large language models (LLMs), Proxxi AI will continuously learn and improve each expert’s proxxi and ranking. The platform will initially be accessed via Slack, Teams, and the CogX Insights app. Shortly after it will be available via API for web and mobile app developers. It supports a broad range of use cases for startups and enterprises, governments, universities and research institutions.
CogX will be demonstrating Proxxi AI at today’s Leadership Summit throughout the day.
Also announced today is the organisation of CogX’s businesses — CogX Ltd (UK Events and the CogX Insights app) and Proxxi AI (Knowledge Network)— under CogX Group Ltd  enabling the community to connect both in-person at our events, and through its two online platforms.
Charlie Muirhead, Founder and CEO of CogX, said:
“CogX’s mission is to convene our community to address the question: How do we get the next 10 years right?  To do so, we need to connect the right people to the right expertise, just when they need it.
So we’re hugely excited to be sharing Proxxi AI today at the Leadership Summit, which will instantly connect people to subject specialists through Slack and Teams our own CogX Insights app, and shortly after via our API for web and mobile app developers.
By blending AI-driven insights with trusted expert oversight, we will empower organisations, large and small, to better navigate the rapid technological changes taking place and enhance their overall performance.”
Notes to editors
About CogX
Co-founded by Charlie Muirhead in 2017, CogX is a tech community and online platforms business that convenes inspirational events featuring leading voices from a huge range of sectors. The community brings together entrepreneurs, business leaders, academics, investors and policy makers both in-person, and online.
More about CogX Leadership Summit London
Taking place at the Royal Albert Hall – the historic venue that hosted the 1851 Great Exhibition, a showcase of the 1st Industrial Revolution – the CogX Summit will focus on the 4th Industrial Revolution, an era of technological convergence that will change the way we live and work.
The Summit is being held on Monday 7th October 2024, and will bring together over 100 world-class speakers, and host over 20 editorially curated salons and mixers to answer the central question: “How do we seize the AI opportunity?
Leaders from Google, OpenAI, Microsoft, NVIDIA, Meta, Hugging Face, Northern Data, Stanford University, and companies at the forefront of generative AI will join over 2,500 delegates to discuss how to apply AI safely and responsibly today and improve productivity and drive business growth.
The live stream of the Summit is available on YouTube from 10am here. (https://shorturl.at/lj3HP).
 
 

View original content:https://www.prnewswire.co.uk/news-releases/cogx-unveils-innovative-knowledge-networking-platform-proxxi-ai-at-the-cogx-leadership-summit-302268326.html

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