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| LG Energy Solution (LGES) CEO Kwon Young-soo, front row center, poses with 120 employees during the CEO Town Hall Meeting "EnTalk Live" at the company headquarters in Seoul, May 2. Courtesy of LGES |
LG Energy Solution (LGES) launched its internal independent companies, KooRoo and AVEL, last year to help expand its battery ecosystem. These independent companies are organized to pursue new ideas swiftly by exploring future growth engines centered on the existing battery business. The company also aims to provide opportunities for individual growth by allowing members to take on proactive roles.
KooRoo, LGES' first internal independent company, is already fully engaged in the commercialization of battery swapping stations (BSS). The BSS service enables the use of interchangeable battery packs for electric two-wheelers rather than charging, significantly enhancing user convenience. It is expected to address issues such as long charging times, limited travel range and high maintenance costs that have been obstacles for electric two-wheelers.
With the rapid growth of the global secondary battery industry, the company's business scale, including revenue and operating profit, has been increasing each year. Additionally, LGES spares no effort in supporting the growth of its members.
"Expecting loyalty solely for the organization without respecting individual characteristics and aspiring for a company's growth to be synonymous with personal growth is difficult to resonate with Generation Z members. LG Energy Solution actively provides various opportunities to its members, such as the internal independent company system, to become an organization where people want to work and enjoy working," a battery industry official said.
AVEL, which is pursuing the integration management of power grids, is another internal independent company of LGES established last October. AVEL focuses on projects such as virtual power plants utilizing energy storage systems (ESS), primarily on Jeju Island. Previously, renewable energy predictions, such as solar and wind power, had an error margin of approximately 5 percent to 15 percent on days with significant weather changes, making it challenging to maintain a stable power grid.
AVEL aims to address this issue by leveraging LGES' major business segment focusing on ESS. It involves storing excess electricity in the ESS when more electricity than expected is generated and discharging the stored electricity when less electricity is expected to be generated. (Advertorial)
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