Sunday, July 20, 2025
  • Login
Forbes 40under40
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
Forbes 40under40
No Result
View All Result
Home Leadership

EV battery maker calls for cheaper EU energy to counter China

by Yurie Miyazawa
in Leadership
EV battery maker calls for cheaper EU energy to counter China
Share on FacebookShare on Twitter


THE South Korean owner of the European Union’s largest factory of electric vehicle (EV) batteries called on the bloc to reduce energy costs and grow the strategic industry amid stiff competition from China.

LG Energy Solution’s facility near Wroclaw, Poland, has been operating at about half of its capacity this year due to weaker global demand for EVs, which has battered Europe’s automakers.

The EU is preparing stricter carbon footprint regulations at the same time as Chinese producers of EV batteries and electric cars are increasing their presence on the continent, according to LG Energy. Therefore, the bloc – and in this case the Polish government – should prioritise giving access to cheap electricity to key growth industries, such as making EV batteries.

“If Poland wants to build advanced industry it needs to connect cheap electricity where the business is generated,” Yong Girl Lee, head of external relations at LG Energy Solutions, said in Biskupice Podgorne. “You can’t provide cheap power for everyone. It can’t be done.”

Poland tends to favour shielding households, not industries, from high costs of electricity and natural gas. The country has one of the EU’s highest power prices because of its dependence on burning coal, which stokes costly carbon emissions.

For now, LG Energy Solutions is adjusting to the weaker EV market. It plans to start making more affordable lithium-iron-phosphate batteries for energy storage from 2025 and for cars from 2026. The plant’s utilisation could rise from the second half of next year, with car batteries still accounting for vast majority of the output, Lee said.

BT in your inbox

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

‘Need to act quickly’

LG Energy’s factory, which alone was responsible for 3 per cent of Polish exports in 2023, uses about one terawatt hour of electricity a year, buying power via direct agreements with renewable energy producers as well as on the market.

It wants the Polish government to allow firms operating within 14 special economic zones across the country to get priority in receiving cheap and green energy, especially as power usage is set to grow with the rise of automation and expanding data storage.

Without this, competing with Chinese firms could be difficult for firms in the EU. The fact that the bloc is working on new battery rules, which are expected to impose tougher carbon footprint requirements for producers, adds to the urgency.

“Chinese producers are competitive, that’s why we – as Europe – need to act quickly,” Lee said. “The Polish government needs to think how to safeguard such an important and strategic industry.” BLOOMBERG

Tags: BatteryCallsCheaperChinaCounterEnergyMaker
Yurie Miyazawa

Yurie Miyazawa

Next Post
StanChart is front-runner as dollar settlement bank in India hub

StanChart is front-runner as dollar settlement bank in India hub

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Forbes 40under40 stands as a distinguished platform revered for its commitment to honoring and applauding the remarkable achievements of exceptional individuals who have yet to reach the age of 40. This esteemed initiative serves as a beacon of inspiration, spotlighting trailblazers across various industries and domains, showcasing their innovation, leadership, and impact on a global scale.

 
 
 
 

NEWS

  • Forbes Magazine
  • Technology
  • Innovation
  • Money
  • Leadership
  • Real Estate
  • Lifestyle
Instagram Facebook Youtube

© 2024 Forbes 40under40. All Rights Reserved.

  • About Us
  • Advertise
  • Contact Us
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle

© 2024 Forbes 40under40. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In