Seoul, South Korea, September 30th / PRNewswire / -- LG Energy Solution Today, it was announced that a non-binding memorandum of understanding ( MoU ) has been signed with indiGOtech, a US-based startup in the field of commercial electric vehicles ( EV ), to explore battery supply and technical cooperation.
indiGOtech is headquartered in Woburn, Massachusetts, and focuses on the electrification of commercial van platforms for the North American market. The company is building an ecosystem that integrates vehicles, charging infrastructure, and digital services.
According to this memorandum of understanding, both parties will work towards reaching a final agreement, whereby LG Energy Solution will supply 46 series NCM cylindrical battery cells to Flow Ride and Flow Cargo electric vehicles that indiGOtech is about to launch during the period from 2027 to 2030.
Both parties will also support joint business development through vehicle-battery integration and performance verification efforts. To maximize vehicle performance, the two companies plan to jointly assess opportunities for extending range and reducing charging time.
indiGOtech, Chairman and CEO, stated: "Urban ride-hailing and delivery services must achieve large-scale electrification and automation, but today's electric vehicles are not designed for this purpose, and they are also severely limited by the local charging infrastructure – that's why the vast majority of travel and delivery tasks are still carried out by fuel-powered vehicles." He said, "Establishing a long-term relationship with LG Energy Solution to combine advanced battery technology with the lasting economic advantages of vehicles, drivers, and fleet operators is essential."
LG Energy Solution, the person in charge of the IT battery marketing team, Sunghwan Oh stated: "Based on the 46 series NCM cylindrical battery technology from LG Energy Solution which features high energy density and fast charging capabilities, we will closely collaborate with indiGOtech that is successfully building an ecosystem of Transportation-as-a-Service ( TaaS ) in the United States." He added, "With this partnership, we plan to enter the diversified commercial vehicle market in the US, including logistics, last-mile delivery, and ride-hailing services."
LG Energy Solution also indicates that the company is enhancing its competitiveness by acquiring more customers for the 46-series cylindrical batteries. The company stated that as of the second quarter, driven by stable mass production and an expansion in the shipment of 46-series batteries, the shipment volume of cylindrical batteries increased by 1.5 times year-on-year.
About LG Energy Solution
LG Energy Solution ( KRX : 373220) is a globally leading lithium-ion battery manufacturer, with products used in electric vehicles, mobile devices, IT, and energy storage systems. The company has over 30 years of revolutionary battery technology experience and extensive research and development (R&D) capabilities, and holds the highest number of battery-related patents in the world, with more than 100,000 patents. Its global network covers North America, Europe, and Asia, including battery manufacturing facilities established through joint ventures with major automobile manufacturers. LG Energy Solution is committed to building a sustainable battery ecosystem, with the goal of achieving carbon neutrality across the entire value chain by 2050, while also embodying the value of shared growth and promoting a diverse and inclusive corporate culture. For more information, please visit https :// news.lgensol.com.
About indiGOtech
indiGOtech is working on creating an intelligent mobility platform for the next generation of sustainable local transportation and commerce. Headquartered in Woburn, Massachusetts, the company develops an ecosystem that integrates smart electric vehicles, charging infrastructure, and mobility services, with the aim of reducing costs per mile and maximizing fleet performance. Through its connected platform, indiGOtech hopes to accelerate the electrification of commercial fleets in the fields of logistics, last-mile delivery, and ride-hailing in North America.
