Piedmont Lithium and LG Chem sign equity investment and binding offtake agreements
19 February 2023, 04:32:33

LG Chem will purchase 1,096,535 newly-issued shares of Piedmont common stock at an approximate price of $68.40 per share for a total consideration of $75 million. Closing of the Subscription Agreement is expected on or around February 24, 2023, and will result in LG Chem holding approximately 5.7% of Piedmont common shares. Transaction details are described in the table at the end of this announcement.
Piedmont has agreed to supply LG Chem with 50,000 metric tons per year of SC6 for four years with planned shipments beginning in Q3 2023. SC6 pricing will be determined by a formula-based mechanism linked to SC6 market prices at the time of each shipment. LG Chem will utilize the material to support its plans to produce cathode materials for key North American customers as well as the intentions of the Inflation Reduction Act of 2022 (“IRA”). Piedmont has also agreed to provide LG Chem priority negotiation rights for 10,000 metric tons per year of lithium hydroxide produced by the Company at either of its proposed facilities in Tennessee or North Carolina.
NAL is a project of Sayona Quebec, a joint venture between Piedmont and Sayona Mining Limited (ASX:SYA). SC6 production at NAL is expected to restart in H1 2023, with commercial shipments expected to begin in Q3 2023. Piedmont’s offtake agreement with Sayona Quebec entitles Piedmont to purchase the greater of 113,000 metric tons per year or 50% of the joint venture’s SC6 production. The Company’s purchases of SC6 from Sayona Quebec are subject to a floor price of $500/ton and a ceiling price of $900/ton for the life-of-mine term.
Piedmont intends to utilize the funding from LG Chem to advance its portfolio of projects, including its planned 30,000 metric-tons-per-year lithium hydroxide project at Tennessee Lithium, the Ewoyaa Lithium Project in Ghana in partnership with Atlantic Lithium, and the fully integrated Carolina Lithium project in development in North Carolina, as well as for general corporate purposes.
JPMorgan and Evercore acted as financial advisors, and Gibson Dunn and Thomson Geer served as legal counsel to Piedmont. Allen & Overy acted as legal counsel to LG Chem.
Related news
News related to Piedmont Lithium, LG or LG Chem
LG Chem is reinforcing its battery materials supply chain by joining hands with China’s Huayou Cobalt to build a precursor plant in Saemangeum National Industrial Complex, located 230 kilometers southwest of Seoul, Korea. LG Chem announced that it will sign a memorandum of understanding (MOU) with stakeholders on Wednesday, April 19, in an agreement to invest in a precursor plant in Saemangeum. The MOU-signing...
19 April 2023
LG Energy Solution today announced it will invest approximately KRW 7.2 trillion (USD 5.5 billion) to construct a battery manufacturing complex in Queen Creek, Arizona. The complex will consist of two manufacturing facilities - one for cylindrical batteries for electric vehicles (EV) and another for lithium iron phosphate (LFP) pouch-type batteries for energy storage systems (ESS). It marks the largest single...
24 March 2023
LG Chem aims to enforce its battery material patent rights amid intensifying technological competition with the aim of dominating the global advanced battery market as demand for electric vehicles (EVs) continues to rise. LG Chem today proposed to license out its high-nickel cathode material patent to China-based cathode material suppliers. To that end, LG Chem plans to enforce its patent rights against other global...
20 March 2023
According to SNE Reasearch, the global battery usage for 2022 has been 518GWh - a 517.9% growth YoY. For this year, the research agency expects 749 GWh of batteries to be deployed in EVs, PHEVs, and HEVs. Being a South Korean company, SNE Research pays special attention to the three local companies that are major players in the EV battery market - Samsung SDI, SK On, and LG Energy Solution. Their production is...
8 February 2023
LG Energy Solution and Honda announced the formal establishment of the joint venture (JV) which will produce lithium-ion batteries for electric vehicles (EV) produced by Honda. The JV will begin construction of a new battery plant early this year with the goal of completion by the end of 2024 and starting mass production of advanced lithium-ion battery cells by the end of 2025. The plant aims to have an annual...
16 January 2023
According to Digitimes Research reported by Digitimes Asia, the global sales of electric vehicles have reached 9.78 million units in 2022. The projected growth for this year is 49% to 14 million units sold globally. Of those, 9 million are expected to be sold in China only. Even now, China's share of the global EV sales is higher than 60%. For comparison, Europe sales account for 24% of the total sales, and USA...
11 January 2023
Honda and LG Energy Solution announced that their new joint venture (JV) battery plant will be located in Fayette County, Ohio, about 40 miles southwest of Columbus, where the two companies will commit to investing $3.5 billion and creating 2,200 jobs, pending final government approvals. The companies' overall investment related to the JV is projected to reach $4.4 billion. The joint venture between Honda and LGES...
12 October 2022
LG Energy Solution (LGES) today announced its mid to long term corporate strategies, with the goal of more than tripling revenue in five years and achieving double-digit operating profit margin. The company also increased the annual revenue target to KRW 22 trillion. At the second quarter earnings conference call, LGES said it would increase revenue over three times in five years, by expanding JVs with OEMs in North...
27 July 2022
LG Electronics today announced it has acquired South Korean electric vehicle (EV) charger solutions provider, AppleMango Co., Ltd., jointly with GS Energy and GS Neotek. The acquisition is expected to accelerate the growth of LG's EV charging solution business and enable the company to take advantage of future business opportunities. This strategic move, combined with LG's own expertise and wealth of experience in...
27 June 2022
Yesterday, LG Energy Solution said that it will invest 730 billion won in its Ochang facility to expand the production capacity of cylinder batteries. 580 million won of those will go to the site's second factory, increasing the 4680 batteries' annual capacity by 9 GWh. The rest of the investment will be used in the first factory for increasing by 4 GWh the annual capacity of the 2170 batteries. The production...
14 June 2022
LG Magna e-Powertrain, a joint venture between LG Electronics and Magna International Inc., celebrated the groundbreaking of its new plant in Ramos Arizpe, Mexico. Scheduled for completion in 2023, the new facility will produce inverters, motors, and onboard chargers to support General Motors’ new electric vehicle (EV) platform. The 260,000 square foot plant will be LG Magna e-Powertrain’s first production base in...
20 April 2022
LG Energy Solution will invest USD 1.7 billion in expanding its Holland, Michigan site. This will quintuple the plant’s capacity to help produce battery components into the future as Michigan’s electric vehicle industry grows and will create 1,200 jobs. The LGES expansion announcement comes just two months after GM announced its historic $7 billion investment in the state, which includes up to $2.5 billion to build...
24 March 2022
Stellantis N.V. and LG Energy Solution (LGES) today announced they have executed binding, definitive agreements to establish the first large-scale, domestic, electric-vehicle battery manufacturing facility in Canada. The joint venture company will produce leading edge lithium-ion battery cells and modules to meet a significant portion of Stellantis’ vehicle production requirements in North America. The joint venture...
24 March 2022
LG Energy Solution and CAMX Power announce that LGES has obtained a license under the intellectual property of CAMX relating to the GEMX platform of nickel-based high-energy high-power cathode materials for use in lithium-ion batteries, especially for electric vehicles (EVs). The GEMX platform is based on fundamental inventions of CAMX for which key patents have been granted globally including the US, EU, Korea...
7 March 2022
EV Specifications
Complete specifications of EVs, grouped according to their brand and year
Featured
Specifications of some of the most interesting and anticipated EVs.

2024 BMW i5 M60 xDrive
Doors: 4, Seats: 5
Length: 199.2 in / 5060 mm
Width: 74.8 in / 1900 mm
Height: 59.3 in / 1505 mm
Curb weight: 5081.66 lb / 2305 kg
Electric motor #1: 250 kW, 430 Nm, Location: Rear
Electric motor #2: 192 kW, 365 Nm, Location: Front
Battery: 81.2 kWh, Voltage: 400 V

2024 BMW i5 eDrive40
Doors: 4, Seats: 5
Length: 199.2 in / 5060 mm
Width: 74.8 in / 1900 mm
Height: 59.6 in / 1515 mm
Curb weight: 4695.85 lb / 2130 kg
Electric motor: 250 kW, 430 Nm, Location: Rear
Battery: 81.2 kWh, Voltage: 400 V

2023 Tesla Model Y Performance AWD
Doors: 4, Seats: 5 / 7
Length: 187.0 in / 4751 mm
Width: 75.6 in / 1921 mm
Height: 63.9 in / 1624 mm
Curb weight: 4398.22 lb / 1995 kg
Electric motor #1: 235 kW @ 5075 rpm, 420 Nm @ 325 - 4800 rpm, Location: Rear
Electric motor #2: 158 kW @ 8275 rpm, 163 Nm @ 125 - 6375 rpm, Location: Front
Battery: 82.1 kWh, Voltage: 360 V

2023 Tesla Model Y Long Range AWD
Doors: 4, Seats: 5 / 7
Length: 187.0 in / 4751 mm
Width: 75.6 in / 1921 mm
Height: 63.9 in / 1624 mm
Curb weight: 4362.95 lb / 1979 kg
Electric motor #1: 220 kW, Location: Rear
Electric motor #2: 158 kW @ 8275 rpm, 163 Nm @ 125 - 6375 rpm, Location: Front
Battery: 82.1 kWh, Voltage: 360 V

2023 Tesla Model 3 Performance AWD
Doors: 4, Seats: 5
Length: 184.8 in / 4694 mm
Width: 72.8 in / 1849 mm
Height: 56.8 in / 1443 mm
Curb weight: 4047.69 lb / 1836 kg
Electric motor #1: 239 kW, 450 Nm, Location: Rear
Electric motor #2: 158 kW @ 6622 rpm, 240 Nm, Location: Front
Battery: 82.1 kWh, Voltage: 360 V

2023 Tesla Model 3 Long Range AWD
Doors: 4, Seats: 5
Length: 184.8 in / 4694 mm
Width: 72.8 in / 1849 mm
Height: 56.8 in / 1443 mm
Curb weight: 4034.46 lb / 1830 kg
Electric motor #1: 208 kW @ 6700 rpm, 330 Nm @ 325 - 5500 rpm, Location: Rear
Electric motor #2: 158 kW @ 8275 rpm, 163 Nm @ 125 - 6375 rpm, Location: Front
Battery: 82.1 kWh, Voltage: 360 V

2022 Tesla Model 3 Performance AWD
Doors: 4, Seats: 5
Length: 184.8 in / 4694 mm
Width: 72.8 in / 1849 mm
Height: 56.8 in / 1443 mm
Curb weight: 4047.69 lb / 1836 kg
Electric motor #1: 239 kW, 450 Nm, Location: Rear
Electric motor #2: 158 kW @ 6622 rpm, 240 Nm, Location: Front
Battery: 82.1 kWh, Voltage: 360 V

2022 Tesla Model 3 Long Range AWD
Doors: 4, Seats: 5
Length: 184.8 in / 4694 mm
Width: 72.8 in / 1849 mm
Height: 56.8 in / 1443 mm
Curb weight: 4034.46 lb / 1830 kg
Electric motor #1: 208 kW @ 6700 rpm, 330 Nm @ 325 - 5500 rpm, Location: Rear
Electric motor #2: 158 kW @ 8275 rpm, 163 Nm @ 125 - 6375 rpm, Location: Front
Battery: 82.1 kWh, Voltage: 360 V

2023 Tesla Model X Plaid
Doors: 4, Seats: 5 / 6 / 7
Length: 199.1 in / 5057 mm
Width: 78.7 in / 1999 mm
Height: 66.1 in / 1680 mm
Curb weight: 5740.84 lb / 2604 kg
Location: Rear
Location: Front
Battery: 99 kWh, Voltage: 400 V

2023 Tesla Model X
Doors: 4, Seats: 5 / 6 / 7
Length: 199.1 in / 5057 mm
Width: 78.7 in / 1999 mm
Height: 66.1 in / 1680 mm
Curb weight: 5630.61 lb / 2554 kg
Location: Rear
Location: Front
Battery: 100 kWh, Voltage: 400 V

2023 Tesla Model S Plaid
Doors: 4, Seats: 5
Length: 197.7 in / 5021 mm
Width: 77.3 in / 1963 mm
Height: 56.3 in / 1431 mm
Curb weight: 4940.56 lb / 2241 kg
Location: Rear
Location: Front
Battery: 99 kWh, Voltage: 400 V

2023 Tesla Model S
Doors: 4, Seats: 5
Length: 197.7 in / 5021 mm
Width: 77.3 in / 1963 mm
Height: 56.3 in / 1431 mm
Curb weight: 4883.24 lb / 2215 kg
Location: Rear
Location: Front
Battery: 100 kWh, Voltage: 400 V

2022 Tesla Model X Plaid
Doors: 4, Seats: 5 / 6 / 7
Length: 198.9 in / 5052 mm
Width: 78.7 in / 1999 mm
Height: 66.0 in / 1676 mm
Curb weight: 5740.84 lb / 2604 kg
Location: Rear
Location: Front
Battery: 99 kWh, Voltage: 400 V

2022 Tesla Model X
Doors: 4, Seats: 5 / 6 / 7
Length: 198.9 in / 5052 mm
Width: 78.7 in / 1999 mm
Height: 66.0 in / 1676 mm
Curb weight: 5630.61 lb / 2554 kg
Location: Rear
Location: Front
Battery: 100 kWh, Voltage: 400 V

2022 Tesla Model S Long Range
Doors: 4, Seats: 5
Length: 196.0 in / 4978 mm
Width: 77.3 in / 1963 mm
Height: 56.3 in / 1431 mm
Curb weight: 4883.24 lb / 2215 kg
Location: Rear
Location: Front
Battery: 100 kWh, Voltage: 400 V

2022 Tesla Model S Plaid Tri Motor AWD
Doors: 4, Seats: 5
Length: 196.0 in / 4978 mm
Width: 77.3 in / 1963 mm
Height: 56.3 in / 1431 mm
Curb weight: 4940.56 lb / 2241 kg
Location: Rear
Location: Front
Battery: 99 kWh, Voltage: 400 V

2023 Rivian R1S Adventure Dual-Motor Max Pack
Doors: 4, Seats: 7
Length: 200.8 in / 5100 mm
Height: 77.4 in / 1966 mm
Location: Rear
Location: Front

2023 Lexus RZ 450e Luxury
Doors: 5, Seats: 5
Length: 189.2 in / 4805 mm
Height: 64.4 in / 1635 mm
Curb weight: 4662.78 lb / 2115 kg
Electric motor #1: 80 kW, 168 Nm, Location: Rear
Electric motor #2: 150 kW, 266 Nm, Location: Front
Battery: 71.4 kWh, Voltage: 355 V