February 9, 2026: LG Energy Solution has announced plans to buy the 49% stake that is held by auto giant Stellantis in its NextStar Energy Canadian battery joint venture.
LGES said on February 6 the move would give it full ownership of NextStar, which was established to build Canada’s first large-scale battery manufacturing facility in Ontario.
The purchase price was not disclosed by the partners. However, according to several media reports, LGES will acquire the stake for a nominal amount of $100 — although this has not been independently verified by Batteries International.
The deal follows a mutually agreed, strategic decision by both NextStar partners, LGES said. The decision was informed by extensive engagement with NextStar Energy’s leadership team to ensure a seamless transition and strengthen the company’s long-term growth and investment outlook.
Under the new ownership structure, NextStar will use LGES’s technological and global operational expertise to better serve a broader customer base, including the ESS industry.
The move will also give NextStar greater agility to market conditions and demand to pursue future growth opportunities, LGES said.
Meanwhile, Stellantis will continue to be a customer and source battery products from NextStar.
More than C$5 billion has been invested in the Ontario facility to date.
David Kim, CEO of LGES, said the South Korea-based battery maker sees growth opportunities in North America by having a key production hub in Canada.
“Full ownership of NextStar will enable us to respond swiftly to the growing demand from the ESS market and position us to play a key role in Canada’s EV industry by securing additional North American-based customers,” Kim said.
Antonio Filosa, CEO of Stellantis, said: “This is a smart, strategic step that supports our customers, our Canadian operations, and our global electrification roadmap.”
Batteries International reported last November Stellantis and Chinese battery major CATL had broken ground for a $5 billion LFP battery plant in northeast Spain.
The plant is expected to operate entirely on renewable energy when it starts production by the end of 2026 — delivering up to 50GWh of LFP batteries annually for EVs.
