BRUSSELS (dpa-AFX) - Stellantis N.V. (STLA, 8TI.DE, STLAP.PA, STLAM.MI) announced on Friday that LG Energy Solution will take full ownership of NextStar Energy, with Stellantis selling its 49 percent equity stake in the joint venture.
The automotive manufacturing major said that NextStar Energy was established in 2022 as a joint venture between Stellantis and LG Energy Solution to develop Canada's first large-scale battery manufacturing facility in Windsor, Ontario.
The company said that following the ownership transition, NextStar Energy will operate under LG Energy Solution's sole ownership. The company will leverage LG Energy Solution's technological leadership and global operational expertise to better serve a broader customer base, including the Energy Storage System or ESS industry.
This new structure is expected to enhance NextStar Energy's ability to respond more quickly to evolving market conditions and customer demand, supporting future growth opportunities.
Stellantis will continue to source battery products from NextStar Energy after the transaction. The completion of the deal remains subject to regulatory approvals and other customary closing conditions.
On the NYSE, STLA ended Thursday's trading at $9.54, down 6.74 percent. In overnight trading, the stock is down $1.34 or 14.0 percent at $8.20.
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