Fintech PR
Empower Every Possibility: LG Energy Solution Unveils Corporate Vision, Announces Mid-to-Long-Term Business Strategies
- Company to expand into ‘circular energy business,’ going beyond battery manufacturing
- LG Energy Solution plans to stand at the center of the entire circular energy ecosystem, unlocking limitless business opportunities
- The company aims to lead market as a comprehensive energy solution provider, leveraging its accumulated technological prowess and capabilities
- Four key mid-to-long-term strategies announced, aiming to more than double the revenue by 2028
- Building a balanced business portfolio by expanding Non-EV businesses
- Diversifying product and customer portfolios
- Establishing a foundation for software and service businesses
- Strengthening leadership in next-generation battery technology
SEOUL, South Korea, Oct. 7, 2024 /PRNewswire/ — LG Energy Solution has announced its corporate vision of “Empower Every Possibility” with the aim of transcending the battery manufacturing sector and positioning itself at the heart of the global circular energy ecosystem. This marks the first time LG Energy Solution has introduced a corporate vision since its establishment at the end of 2020.
The new vision underscores that the essence of LG Energy Solution’s business lies not merely in battery production, but in facilitating the energy circulation across the entire cycle from storage to movement of energy. The company intends to become the center of this energy ecosystem, unlocking limitless business opportunities.
The company also aims to lead the market as a comprehensive energy solution provider by continuously evolving its business structure, including expanding beyond hardware to software and services business while building a more sustainable energy ecosystem.
“Our vision encapsulates the ultimate goal of LG Energy Solution to enable sustainable growth,” said David Kim, CEO of LG Energy Solution. “The meaning of this vision is to expand our business with energy that awakens all potential powers, thereby enabling the company and its members to realize infinite growth potential.”
He added, “Based on LG Energy Solution’s DNA of success, which continually embraces opportunities to achieve remarkable results, we will generate more business prospects while strengthening our technological leadership to thrive in the market.”
- Eyes set on doubling the revenue by 2028, the company outlines four mid-to-long-term strategies
LG Energy Solution presented its five-year goals to more than double the revenue compared to 2023 (KRW 33.7 trillion), and achieve mid-teen percent EBITDA margin (excluding the IRA tax credit) by 2028 to secure stable profitability and cash generation capabilities.
Aligned with these goals, the company also outlined four mid-to-long-term strategies: building a balanced business portfolio by expanding non-EV businesses; diversifying the EV product and customer portfolios; securing a business foundation in software and services; and strengthening next-generation battery technology leadership.
First, the company will seek to secure a balanced business portfolio by actively expanding its non-EV businesses. The company plans to reduce dependence on the EV battery business and continue to increase the Energy Storage System (ESS) business in its portfolio. Furthermore, the company will put more efforts into new application businesses with high growth potential, such as Urban Air Mobility (UAM), vessels, and robotics to construct a more resilient business structure that can withstand market fluctuations.
Second, LG Energy Solution will diversify its EV products and customers. Beyond premium batteries centered on high-nickel chemistry, the company will improve its competitiveness in affordable markets through its LFP, LMFP, and high-voltage mid-nickel products. Additionally, the company plans to expand its cylindrical battery customer portfolio to include traditional automakers leveraging its 46-series, and will actively consider developing other new form factors tailored to customer needs.
Third, the company aims to establish a solid revenue structure with the expansion of its software and service businesses. In addition to its industry-leading Battery Management Systems (BMS), the company will offer various services including battery leasing, rental, and recycling to establish a comprehensive Battery-as-a-Service (BaaS) ecosystem. Furthermore, it will evolve its Energy-as-a-Service (EaaS) business model to contribute more to energy stabilization and the circular energy economy.
Finally, LG Energy Solution will focus all efforts on securing leadership in next-generation battery technologies to bring more innovation to the sector. Regarding solid-state batteries, the company plans to lead the market by producing anodeless products that exclude lithium anodes, and ‘graphite-based’ anode products. The company also plans to accelerate the mass production of ‘bipolar’ semi-solid batteries and low-cost high-power batteries applying sulfur and sodium. Furthermore, leveraging its outstanding dry electrode manufacturing process, the company will rapidly enhance its overall competitiveness in cost, energy density, and production yield.
- Each business division shares key strategies to gain upper hands in future markets
Following the announcement of its vision, LG Energy Solution presented detailed mid-to-long-term market strategies for its core Advanced Automotive Battery, Mobility & IT Battery, and Energy Storage Systems (ESS) Battery businesses.
For the Advanced Automotive Battery division, the company unveiled a growth roadmap with the mid-to-long-term goal of securing the top position in North America and reinforcing its foothold in Europe by enhancing its fundamental strengths. By 2026, the division will focus on overcoming the temporary slowdown of the EV market by improving the operational efficiency of its global production facilities. By 2028, it intends to solidify competitive edge in materials and processes with high-voltage mid-nickel pouch products and dry electrode LFP products. By 2030, the division has set an objective of securing a leading position in the EV battery market through overwhelming technological prowess and strategies tailored to specific regions and customers.
The mobility & IT battery division aims to cement its current position as the No. 1 in the global market and further widen its lead by 2028. To this end, the division will prioritize the successful mass production of its 46-series that is optimized for mobility environments, securing competitiveness across various EV models. Additionally, it will actively pursue new customer acquisition in high-power products such as power tools, vacuum cleaners, and battery backup units (BBUs), as well as in AI data servers. Furthermore, the division plans to enhance cost competitiveness by securing new technologies and processes, and achieve logistical advantages through the strategic expansion of its global production sites.
For the ESS business, the division targets a five-fold increase in revenue by 2028 through securing the largest market share in the U.S. ESS battery market. It also aims to become among the top three global system integrators (SI). In the near term, the division will pursue a leading position in the North American market through the full-scale production of ESS cells in the U.S., which is set to start in 2025, advanced SI capabilities through LG Energy Solution Vertech, and new products with higher energy capacity and longer duration. In the long term, LG Energy Solution plans to proactively respond to the rapidly changing market and secure high-margin opportunities by developing next-generation products and strengthening its power trading business.
- Pursuing four core values of growth, challenge, action, and collaboration to achieve its vision
In order to achieve its vision and four mid-to-long-term strategies, LG Energy will actively pursue four core values: Power of Growth; Power of Challenge; Power of Action; and Power of Collaboration.
These core values emphasize the need to continuously strive for growth, challenge seemingly impossible goals, execute on set objectives, and work together to achieve common aims.
To this end, LG Energy Solution plans to foster a corporate culture of execution, where employees are encouraged to challenge themselves with new perspectives and approaches so that they can diligently pursue their goals once a direction is set. The company also highlighted the importance of collaboration among its workforce of 35,000 employees with diverse nationalities, backgrounds, and experiences to create differentiated value.
“We have established global standards in the battery industry with our longstanding legacy in the business and will continue to maintain our industry leader status,” said David Kim, CEO of LG Energy Solution. “I am confident that if we support each other as pace-setters and join hands, our long journey will lead us to even more wonderful landscapes and futures.”
About LG Energy Solution
LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 58,000 patents. Its robust global network, which spans North America, Europe, and Asia, includes battery manufacturing facilities established through joint ventures with major automakers. Committed to building sustainable battery ecosystem, LG Energy Solution aims to achieve carbon neutrality across its value chain by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution’s ideas and innovations, visit https://news.lgensol.com.
View original content:https://www.prnewswire.co.uk/news-releases/empower-every-possibility-lg-energy-solution-unveils-corporate-vision-announces-mid-to-long-term-business-strategies-302268552.html
OTTAWA, ON, Nov. 22, 2024 /PRNewswire/ — The Royal Canadian Mint (the “Mint”) announces its financial results for the third quarter of 2024 that provide insight into its activities, the markets influencing its businesses and its expectations for the next 12 months.
“As the markets continue to change, the Mint is proving its ability to seize on new opportunities thanks to its diversified structure and flexible business strategy” said Marie Lemay, President and CEO of the Royal Canadian Mint.
The financial results should be read in conjunction with the Mint’s annual report available at www.mint.ca . All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.
Financial and Operational Highlights
- The financial results for the third quarter of 2024 were ahead of target and higher than 2023 levels. Higher gold market pricing and foreign circulation volumes combined with lower fixed costs were the main drivers for the quarter over quarter increase. These increases were partially offset by lower than expected bullion volumes from the continued soft demand in the global bullion market. The Mint expects to meet its financial goals for 2024, as set out in its 2024-2028 Corporate Plan, the Mint’s Leadership team continues to actively monitor its status.
- Consolidated revenue decreased to $252.7 million in 2024 (2023 – $360.6 million).
Revenue from the Precious Metals business decreased to $217.6 million in 2024
(2023 – $328.4 million):- Gold bullion volumes decreased 38% quarter over quarter to 106.1 thousand ounces (2023 – 170.1 thousand ounces) while silver bullion volumes decreased 20% to 2.7 million ounces (2023 – 3.4 million ounces).
- Gold and silver market prices increased quarter over quarter by 27% and 23%, respectively.
- Sales of numismatic products decreased 12% quarter over quarter mainly due to the high demand in 2023 for the Queen Elizabeth II’s Reign products.
- Revenue from the Circulation business increased to $35.1 million in 2024
(2023 – $32.2 million):- Revenue from the Foreign Circulation business increased 77% quarter over quarter, a reflection of higher volumes produced and shipped in 2024 as compared to 2023.
- Revenue from Canadian coin circulation products and services decreased 12% quarter over quarter as fewer coins were required to replenish inventories, combined with lower program fees in accordance with the memorandum of understanding with the Department of Finance.
- Overall, operating expenses decreased 27% quarter over quarter to $28.3 million (2023 – $36.0 million) mainly due to planned reductions in consulting and workforce expenses.
Consolidated results and financial performance
(in millions)
|
13 weeks ended |
39 weeks ended |
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|
Change |
Change |
|||||||||||
|
September |
September |
$ |
% |
September |
September 30, 2023 |
$ |
% |
|||||
|
Revenue |
$ |
252.7 |
$ 360.6 |
(107.9) |
(30) |
$ 861.2 |
$ 1,841.8 |
(980.6) |
(53) |
|||
|
Profit (loss) for the period |
$ |
5.7 |
$ (5.8) |
11.5 |
(198) |
$ 24.1 |
$ 15.0 |
9.1 |
61 |
|||
|
Profit (loss) before |
$ |
1.4 |
$ (8.7) |
10.1 |
(116) |
$ 12.3 |
$ 23.4 |
(11.1) |
(47) |
|||
|
Profit (loss) before |
0.6 % |
(2.4) % |
1.4 % |
1.3 % |
||||||||
|
(1) Profit (loss) before income tax and other items is a non-GAAP financial measure. A reconciliation from profit for the period to profit before income tax and other items is included on page 13 of the Mint’s 2024 Third Quarter Report. |
|
(2) Profit (loss) before income tax and other items margin is a non-GAAP financial measure and its calculation is based on profit before income tax and other items. |
|
As at |
||||||||||
|
September 28, 2024 |
December 31, 2023 |
$ Change |
% Change |
|||||||
|
Cash |
$ |
58.4 |
$ |
59.8 |
(1.4) |
(2) |
||||
|
Inventories |
$ |
71.5 |
$ |
68.8 |
2.7 |
4 |
||||
|
Capital assets |
$ |
174.2 |
$ |
173.0 |
1.2 |
1 |
||||
|
Total assets |
$ |
376.8 |
$ |
380.4 |
(3.6) |
(1) |
||||
|
Working capital |
$ |
99.2 |
$ |
97.8 |
1.4 |
1 |
||||
As part of its enterprise risk management program, the Mint continues to actively monitor its global supply chain and logistics networks in support of its continued operations. Despite its best efforts, the Mint expects changes in the macro-economic environment and other external events around the globe to continue to impact its performance in 2024. The Mint continues to mitigate potential risks as they arise through its enterprise risk management process.
To read more of the Mint’s Third Quarter Report for 2024, please visit www.mint.ca.
About the Royal Canadian Mint
The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada’s circulation coins. The Mint is one of the largest and most versatile mints in the world, producing award-winning collector coins, market-leading bullion products, as well as Canada’s prestigious military and civilian honours. As an established London and COMEX Good Delivery refiner, the Mint also offers a full spectrum of best-in-class gold and silver refining services. As an organization that strives to take better care of the environment, to cultivate safe and inclusive workplaces and to make a positive impact on the communities where it operates, the Mint integrates environmental, social and governance practices in every aspect of its operations.
For more information on the Mint, its products and services, visit www.mint.ca. Follow the Mint on LinkedIn, Facebook and Instagram.
FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES
This Earnings Release contains non-GAAP financial measures that are clearly denoted where presented. Non-GAAP financial measures are not standardized under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other corporations reporting under IFRS.
This Earnings Release contains forward-looking statements that reflect management’s expectations regarding the Mint’s objectives, plans, strategies, future growth, results of operations, performance, and business prospects and opportunities. Forward-looking statements are typically identified by words or phrases such as “plans”, “anticipates”, “expects”, “believes”, “estimates”, “intends”, and other similar expressions. These forward-looking statements are not facts, but only estimates regarding expected growth, results of operations, performance, business prospects and opportunities (assumptions). While management considers these assumptions to be reasonable based on available information, they may prove to be incorrect. These estimates of future results are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what the Mint expects. These risks, uncertainties and other factors include, but are not limited to, those risks and uncertainties set forth in the Risks to Performance section of the Management Discussion and Analysis in the Mint’s 2023 annual report, as well as in Note 9 – Financial Instruments and Financial Risk Management to the Mint’s Audited Consolidated Financial Statements for the year ended December 31, 2023. The forward-looking statements included in this Earnings Release are made only as of November 20, 2024 and the Mint does not undertake to publicly update these statements to reflect new information, future events or changes in circumstances or for any other reason after this date.
For more information, please contact: Alex Reeves, Senior Manager, Public Affairs, Tel: (613) 884-6370, [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/royal-canadian-mint-reports-profits-and-performance-for-q3-2024-302314428.html
Fintech PR
OIVE and ViniPortugal celebrate closing of joint campaign that reached 100 million consumers
MADRID and PORTO, Portugal, Nov. 22, 2024 /PRNewswire/ — For three years, A Shared Passion showed European consumers the quality and unparalleled versatility of Iberian wines. The program reached over 100 million consumers with advertising in airports, train stations, press trips, digital content, and other actions with opinion leaders.
The wine interprofessionals of Spain (OIVE) and Portugal (ViniPortugal) celebrated the closing of their ambitious joint campaign A Shared Passion with flagship events in Madrid and Porto. The closing event in Spain took place in Madrid’s iconic Calle Alcalá, while in Portugal, the World of Wine (WOW) in Porto was the perfect setting to present the achievements of the international collaboration. Both ceremonies were very well received by the press and the wine sector, highlighting the impact of the promotional actions that reached more than 79.2 million travelers in key transport infrastructures.
The campaign included 22 study trips, taking 150 specialized journalists to explore the world of wine in both countries and generating publications that reached nearly 15 million European consumers.
On social media, the A Shared Passion profile on Instagram exceeded 15,000 followers, consolidating its presence in the digital sphere. In addition, exclusive activities such as workshops and VIP dinners contributed significantly to this initiative’s global impact.
The final events were honored by the presence of opinion leaders, such as Masters of Wine Pedro Ballesteros and Dirceu Vianna Júnior, who moderated round tables with the presidents of OIVE, Fernando Ezquerro, and ViniPortugal, Frederico Falcão. The conference concluded with masterclasses that highlighted Spain and Portugal’s extraordinary oenological diversity, reinforcing the relevance of the sector in the economic, social, and environmental sustainability of both countries.
With funding from the European Union, A Shared Passion highlighted not only the quality and authenticity of Iberian wines but also their strategic role in the sustainable development of numerous municipalities. This initiative underlines the passion with which Spanish and Portuguese wines are made, reflecting their rich traditions and commitment to the future.
For more information: www.asharedpassion.com
Video: https://mma.prnewswire.com/media/2565600/ViniPortugal_and_OIVE.mp4
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Fintech PR
Alkira Ranked 25th Fastest-Growing Company in North America and 6th in the Bay Area on the 2024 Deloitte Technology Fast 500™
Alkira attributes its 7,194% revenue growth to consistent innovation, enabling enterprises to overcome mounting network complexity in the cloud and AI era
SAN JOSE, Calif., Nov. 22, 2024 /PRNewswire/ — Alkira® Inc., the leader in Network Infrastructure as a Service, today announced that it ranked as the 6th fastest-growing technology company in the Bay Area and the 25th fastest-growing company in North America on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America. Now in its 30th year, the list recognized Alkira for achieving a growth rate of 7,194% during this period.
“Being recognized as one of North America’s fastest-growing companies by Deloitte is a tremendous honor. This achievement reflects Alkira’s unwavering commitment to equipping frontline networking teams with solutions that dramatically simplify enterprise networking amidst escalating complexity,” said Amir Khan, CEO at Alkira. “Today’s enterprises are racing to support cloud, AI and machine learning workloads, but their existing networks weren’t built for this dynamic environment. Alkira’s network infrastructure as-a-service platform enables organizations to connect any cloud, on-premise location, and remote user with a unified, secure, and highly scalable network fabric that reduces deployment times from months to minutes.”
“For 30 years we’ve been celebrating companies that are actively driving innovation. The software industry continues to be a beacon of growth, and the fintech industry made a strong showing on this year’s list, surpassing life sciences for the first time,” said Steve Fineberg, vice chair, U.S. technology sector leader, Deloitte. “Significantly, we also saw a breakthrough in performance of private companies, with the highest number of private companies named to the list in our program’s history. This year’s winners have shown they have the vision and expertise to continue to perform at a high level, and that deserves to be celebrated.”
“Innovation, transformation and disruption of the status quo are at the forefront for this year’s Technology Fast 500 list, and there’s no better way to celebrate 30 years of program history,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s Audit & Assurance practice. “This year’s winning companies have demonstrated a continuous commitment to growth and remarkable consistency in driving forward progress. We extend our congratulations to all of this year’s winners — it’s an incredible time for innovation.”
Overall, 2024 Technology Fast 500 companies achieved revenue growth ranging from 201% to 186,373% over the three-year time frame, with an average growth rate of 2,097% and median growth rate of 458%.
Now in its 30th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2020 to 2023.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
About Alkira
Alkira is the leader in Network Infrastructure on Demand. We unify any environments, sites, and users via an enterprise network built entirely in the cloud. The network is managed using the same controls, policies, and security systems network administrators know, is available as a service, and can instantly scale as needed. There is no new hardware to deploy, software to download, or architecture to learn. Alkira’s solution is trusted by Fortune 100 enterprises, leading system integrators, and global managed service providers. Learn more at alkira.com and follow us @alkiranet.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 460,000 people worldwide connect for impact at www.deloitte.com.
Media Contact:
Jelena Dopudj, Sr. Communications Manager, Alkira Marketing
[email protected]
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.
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