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(From left) Kim Nak-jin, vice president of product planning and strategy in the Small Battery Business Division at LG Energy Solution, and Will Graylin, CEO of indiGOtech, take a commemorative photo at the business agreement signing ceremony. / LG Energy Solution

LG Energy Solution is accelerating its push into the North American commercial vehicle market, led by its 46-series batteries.

LG Energy Solution announced on the 1st that it signed a strategic memorandum of understanding (MOU) with promising U.S. electric commercial vehicle startup indiGOtech.

Under the agreement, the two companies will discuss prioritizing the application of LG Energy Solution's 46-series cylindrical battery cells to new next-generation electric commercial vehicles being developed by indiGOtech.

The two sides also plan to pursue technical cooperation to deliver optimal vehicle and battery performance, including extending driving ranges and reducing charging times, alongside discussions on a supply contract for 46-series batteries.

Through this partnership, indiGOtech is expected to secure the battery technology and stable supply foundation required for next-generation electric commercial vehicles, while LG Energy Solution bolsters its market competitiveness by further expanding its 46-series supply track record in the North American market.

Founded in 2010, indiGOtech develops electric commercial vehicles intended for logistics, delivery, and ride-hailing services, utilizing technology that integrates propulsion and suspension systems into vehicle wheels to enhance ride comfort and free up interior space.

The electric commercial vehicle market continues to grow, powered by electrification tailwinds such as rising logistics and delivery demand from expanding e-commerce, advancing battery technology, and broader charging infrastructure. According to market research firm Global Market Insights, the global electric van market is projected to expand from roughly 16.3 billion dollars in 2024 at a compound annual growth rate (CAGR) of 15.5% to reach about 65.6 billion dollars by 2034.

Oh Sung-hwan, head of the marketing group at LG Energy Solution's Small Battery Business Division, said, "Securing a new U.S. customer based on the competitive edge of our NCM-based 46-series batteries, which offer high energy density and fast-charging performance, is highly meaningful." He added, "Using this collaboration as momentum, we will broaden our business footprint into various electric commercial vehicle markets and further accelerate the growth of our 46-series battery business."

                                                                                                               Kim A-yoon