• Companies to cooperate on standardized battery packs for construction equipment, helping accelerate major industry’s electrification
• Partnership built on LG Energy Solution’s technological leadership, as tough construction environments require exceptional functionality and stability
• LG Energy Solution actively expanding presence in non-EV business areas, delivering on promise to diversify business portfolio

SEOUL, March 19, 2025 – LG Energy Solution (KRX: 373220) today announced that it has signed a Memorandum of Understanding (MoU) with Doosan Bobcat (KRX: 241560) to develop battery pack solutions for compact construction equipment, with the aim of accelerating electrification in this sector.

Through this agreement, the two companies will jointly develop standardized battery pack solutions that can be applied to various construction equipment products, such as skid-steer loaders and excavators, while working together to succeed in major markets such as North America. Both companies will also actively explore new opportunities to extend this partnership to the electrification of other applications, including grounds maintenance equipment like tractors.

Additionally, the partners plan to apply LG Energy Solution’s cylindrical batteries to Doosan Bobcat’s flagship construction equipment models.

The major driving force behind this collaboration was LG Energy Solution’s outstanding technological leadership. Since construction equipment often operates in challenging outdoor environments, sometimes exposed to snow, rain, dust, heat waves and extreme temperatures, products must boast exceptional durability and stability in extreme conditions over long periods of time. LG Energy Solution’s cylindrical batteries deliver high voltage, energy density, and longevity, exhibiting excellent performance and durability in low temperatures.

Doosan Bobcat, a global leader in construction equipment, has been actively pursuing the electrification of its products. Following the establishment of its own dedicated electrification organization in January, it now plans to create an R&D center in Anyang, Gyeonggi Province in the second half of the year to conduct electrification research and verify battery pack production technology.

“We are excited to collaborate with Doosan Bobcat, a global leader in construction equipment, to develop electrification technologies and expand our business in this vitally important sector,” said Yooseong Oh, Senior Vice President and Head of LG Energy Solution’s Mobility & IT Battery Division. “We remain deeply committed to leading the challenge of electrifying various industries.”

Hyunchul (Charlie) Park, CSO and Executive Vice President of Doosan Bobcat, stated, “We are pleased to develop battery packs for compact construction equipment on the back of excellent quality and stability of LG Energy Solution’s cells,” explaining the significance of the MOU. “We will standardize battery packs for compact construction equipment and provide solutions to major markets such as North America,” Park added.

As with its partnership with Doosan Bobcat, LG Energy Solution is actively expanding into non-EV areas in pursuit of a balanced portfolio, a vision it announced last October. The company will seek to establish sustainable battery ecosystem in new territories, particularly the new mobility industries such as Urban Air Mobility (UAM) and vessels.