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LG Energy Solution Releases 2024 Financial Results

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LG Energy Solution posts KRW 25.6 trillion in consolidated revenue and KRW 575.4 billion in operating profit in 2024Company to focus on proactively responding to market volatilities in the short term and securing fundamental competitiveness in the mid-to-long termThis year’s guidance forecasts a 5-10 percent year-on-year increase in annual revenue, with capital expenditure expected to be reduced by 20-30 percent compared to last year

SEOUL, South Korea, Jan. 24, 2025 /PRNewswire/ — LG Energy Solution (KRX: 373220) today announced its fourth-quarter and full-year earnings for 2024, along with its key business initiatives for 2025.

For the full year, the company reported KRW 25.6 trillion in consolidated revenue and KRW 575.4 billion in operating profit, a year-on-year decrease of 24.1 percent and 73.4 percent, respectively. The operating profit margin was 2.2 percent, including the IRA tax credit effect.

“Last year, we actively responded to EV demand in North America,” said Chang Sil Lee, CFO of LG Energy Solution. “At the same time, sales in Europe decreased due to slow EV market growth, while average selling price (ASP) also declined because of continued metal price impact, leading to a decrease in our full-year revenue.”

“Although a lower utilization rate led to increased fixed costs and lower profitability, we saw continued improvements in material cost ratio last year,” Lee said.

In 2024, LG Energy Solution initiated the stable mass production its new joint venture plants in the U.S., Canada, and Indonesia, and achieved the record-high yield, securing capabilities for a stable global operation. In terms of the EV business, the company successfully expanded its product lineup with new chemistries and form factors, and also expanded its ESS business by accelerating its intake of large-scale power grid projects in North America.

Last year marked a year of technological advancement for LG Energy Solution, as it prepared for the mass production of its 46-Series cylindrical batteries and pilot production line for dry electrodes in Ochang, Korea. In addition, the company secured high-quality, IRA-compliant critical minerals and LFP[1] cathode materials by taking various proactive measures, such as investing in a lithium mining company.

In the fourth quarter, the company posted consolidated revenue of KRW 6.4512 trillion, a 6.2 percent decrease quarter-on-quarter. Its quarterly operating loss was KRW 225.5 billion, including the estimated IRA tax credit amount of KRW 377.3 billion.

2025 Market Forecast

The global battery market, encompassing the EV, ESS, and IT sectors, is expected to grow by over 20 percent[2] annually starting in 2025.

For the EV market, the company expects its first-mover advantages in the North American battery market to continue to expand, driven by the growing trend of protectionism. At the same time, the increasing volatility of green policies in major countries is expected to decelerate the growth of EV demand in the short term.

Regarding the ESS market, LG Energy Solution foresees an increasing need for regional renewable energy infrastructure thanks to the emerging importance of energy security. The company also expects power demand to surge on the back of the expansion of AI-driven data centers and predicts securing local battery supplies will become ever more critical in response to the higher tariffs on batteries from China set to take effect in 2026.

2025 Key Business Initiatives 

In the short term, LG Energy Solution will focus on proactively responding to market volatilities. The company will enhance its financial stability by adjusting the timeline of investment for the construction of new facilities and prioritizing the execution of critical investments. At the same time, it will maximize the utilization of its existing capacity by processing new orders for LFP and high-voltage mid-nickel batteries on idle production lines within existing facilities. The company will also enhance its operational compatibility across production facilities, namely by diversifying form factors within each facility and converting production lines between EV and ESS batteries to proactively respond to local customer needs.

In the mid-to-long term, LG Energy Solution will continue its efforts to reinforce its fundamental competitiveness. It will secure a competitive edge in products by offering optimized solutions for each EV segment and further differentiating its high-capacity LFP batteries for ESS systems. The company will also focus on enhancing product quality by advancing its BMS[3] diagnostic technologies and AI-based quality management system.

Securing structural cost competitiveness is another long-term initiative. As part of this, the company will expand the use of cost-effective materials, promote investment in upstream companies, and reduce processing costs by expanding production automation. To prepare for the future, it will expedite the commercialization of dry electrodes and lithium-sulfur all-solid-state batteries by setting up their pilot lines, while also expanding the business from hardware to software by fostering its BaaS[4] and EaaS[5] businesses.

Based on its key business initiatives for this year, LG Energy Solution announced its goal to achieve a 5-10 percent year-on-year increase in annual consolidated revenue in 2025. Although it predicts unfavorable ASP due to the continued trend of low metal prices, the company expects that the initiation of mass production at its new plants in North America and the increase in new product shipments will positively contribute to this year’s revenue growth.

The company also aims to reduce this year’s capex by 20-30 percent compare to last year, by adjusting the pace of investment and maximizing the utilization of existing sites. In addition, the estimated capacity eligible for the IRA tax credits this year is expected to be around 45-50GWh, as the company is well positioned to realize its first-mover advantages in the region by starting operations at its new facilities and expediting the mass production of its ESS batteries.

[1] LFP: lithium, iron, phosphate

[2] GWh basis

[3] BMS: battery management system

[4] BaaS: battery-as-a-service

[5] EaaS: energy-as-a-service

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.

 

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SOURCE LG Energy Solution

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Hexaware Hosts Greater Manchester and West Yorkshire Mayoral Delegation, Deepens Partnership with University of Leeds

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October 23, 2026

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Part of the Great North Mayoral Delegation’s visit to India, discussions focused on Hexaware’s UK expansion and planned R&D centers in Leeds and Manchester

MUMBAI, India, Oct. 23, 2026 /PRNewswire/ — Hexaware Technologies (NSE: HEXT), an AI-first digital and IT services company, hosted a delegation led by Tracy Brabin, Mayor of West Yorkshire, and Bev Craig, Mayor of Greater Manchester, as part of The Great North’s first joint mayoral-led trade mission to India

Hexaware met with Tracy Brabin and delegates from West Yorkshire at its Mumbai office to discuss the company’s UK investment plans, regional employment, and opportunities for technology collaboration across the North of England.

During the visit, Hexaware and the University of Leeds discussed their agreement to strengthen industry–academic collaboration through research, knowledge sharing, and experiential learning opportunities for students.

Earlier in the mission, on October 14 in Bengaluru, Hexaware leaders met Bev Craig, Mayor of Greater Manchester, together with representatives of the British Deputy High Commission and the Invest Manchester team, to discuss Hexaware’s investment in the city region.

Hexaware announced that it will create hundreds of jobs and invest £9 million in a new Design and Innovation Centre at Manchester’s innovation district, SISTER, delivered in collaboration with the University of Manchester. By establishing a base at SISTER, Hexaware will have access to Europe’s largest clinical academic campus on Manchester’s Oxford Road Corridor and a rapidly expanding digital and tech ecosystem within the city.

The visits follow Hexaware’s June 2026 announcement of a £25 million UK expansion, expected to create approximately 1,200 jobs over three to five years across Manchester, Leeds, and Birmingham, including 420 in Manchester and 240 in Leeds. Plans include proposed R&D centers in Manchester and Leeds, with Newcastle also under consideration as a potential future location, given the region’s strong university talent pool and proximity to Scotland.

Parameshwaran Iyer, Executive Vice President & Head – Europe, Hexaware, said, “The North of England is an important part of our UK growth plans. Our investment goes into developing technology capabilities and recruiting graduates from the region’s universities, training them to work with enterprise and public-sector customers. Our new agreement with the University of Leeds will strengthen this pipeline, giving us closer access to graduate talent as we grow our presence in the region. We see considerable potential in the talent and expertise available across these cities.”

Bev Craig, Mayor of Greater Manchester, said, “Greater Manchester has established strengths in healthcare, life sciences, and AI, supported by close cooperation between universities, researchers, and industry. We welcome Hexaware’s plans for Manchester and the opportunities they present for investment, innovation, and employment in these sectors.”

Tracy Brabin, Mayor of West Yorkshire, said, “It was great to visit Hexaware’s headquarters in Mumbai and hear first-hand about the company’s ambitious plans for growth in the UK. Their investment in Leeds and the creation of hundreds of new jobs is fantastic news for West Yorkshire and a strong vote of confidence in our region. Trade missions like this give us the opportunity to meet decision-makers directly, strengthen international relationships and explore how businesses like Hexaware can deepen their links with West Yorkshire to create a stronger, better-off region that works for all.” 

Glenn McCauley, Head of Proposition Development at the University of Leeds, said, “We were delighted to join this Great North Mayoral Delegation to India and to discuss with Hexaware leadership and with the Mayor of West Yorkshire how the University of Leeds’ agreement with Hexaware can be a catalyst to drive economic growth in our region.”

India and the North of England are connected above all through people, with more than 81,000 people of Indian heritage living in Yorkshire and the Humber, and 50,000 people of Indian diaspora in Greater Manchester. Thousands of Indian students also choose universities in the two regions every year. Increasingly, Indian companies are also among the region’s investors and employers. The India–UK Comprehensive Economic and Trade Agreement (CETA), in force since July 2026, alongside The Great North’s investment initiatives, gives that relationship fresh momentum.

Hexaware will continue discussions with regional partners on its proposed R&D facilities, graduate recruitment, and technology partnerships across the North of England, drawing on Leeds’ strengths in digital engineering, data science, robotics, fintech, and technology-enabled care, and Manchester’s strengths in healthcare, life sciences, cyber, and AI.

About Hexaware

Hexaware is a global technology and business process services company. Every day, Hexawarians wake up with a singular purpose: to create smiles through great people and technology. With offices across the world, we empower enterprises worldwide to realize digital transformation at scale and speed by partnering with them to build, transform, run, and optimize their technology and business processes. Learn more about Hexaware at https://hexaware.com.

 

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Fosun Wealth Opens Its First Private Wealth Center in Hong Kong at Harbour City, Tsim Sha Tsui

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October 23, 2026

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Appointment-Only Center for High-Net-Worth Clients, Partnering with Fosun Wealth IFA to Expand Wealth Management Capabilities

HONG KONG, Oct. 23, 2026 /PRNewswire/ — Fosun Wealth International Holdings Limited (“Fosun Wealth”) announced the official opening of its first Private Wealth Center on the 23rd floor of Prudential Tower, at The Gateway, Harbour City, Tsim Sha Tsui, Hong Kong. The center provides a dedicated offline space for meetings and wealth planning in Hong Kong, exclusively tailored for high-net-worth clients. Visits are by appointment only, and the center operates in partnership with Fosun Wealth IFA (Independent Financial Advisor), supporting clients from initial discussions and tailored proposals through to signing and implementation.

The opening ceremony, themed “A Starry New Chapter on Victoria Harbour”, brought together business partners from fund, asset management and insurance industries in Hong Kong to celebrate the occasion.

Expanding amid Industry Growth to Address Clients’ Demand for Long-Term Advice

The opening comes as Hong Kong’s wealth management sector continues to expand. According to the Securities and Futures Commission of Hong Kong, as of the end of 2025, total assets under management (AUM) in Hong Kong jumped 20% year-on-year (YoY) to a record high of HK$42.2 trillion. Among the major segments, AUM of private banking and private wealth management business increased by an impressive 24% YoY to HK$12.9 trillion. At the same time, client expectations have shifted. High-net-worth individuals are increasingly looking beyond fragmented, one-off product recommendations and seeking professional institutions that can deliver cross-market and multi-generational support over the long term.

The center’s location in Harbour City offers views across Victoria Harbour and a calm, private setting. It features four dedicated meeting rooms, with each client received by a relationship manager throughout their visit to allow for in-depth discussions in a confidential environment. In addition to client meetings and document signing, the center will also host smaller, focused sessions to help clients better capture opportunities in Hong Kong’s wealth management market.

Strengthening Collaboration with Fosun Wealth IFA to Enrich Service Matrix

The Private Wealth Center will also serve as a working base for Fosun Wealth IFA, supporting professional discussions and the review of more complex cases. Launched by Fosun Wealth in 2025, Fosun Wealth IFA is Hong Kong’s first one-stop platform for independent financial advisors (IFAs) to establish and grow their practices. It has already built a team of nearly 500 advisors. Built on a compliant licensing framework, the platform integrates diversified financial products, AI-powered tools and structured trainings, supporting advisors from licensing through ongoing professional development to independent practice. The goal is to help raise standards and professionalism across Hong Kong IFA industry.

Fosun Wealth subsidiaries hold securities and insurance brokerage licenses. Under strict compliance, they provide access to insurance, securities, asset management, and corporate financing services. Fosun Wealth has also established partnerships with numerous leading fund houses, asset managers, and insurers, supporting both the Private Wealth Center and the IFA platform.

Cheng Kang, CEO of Fosun Wealth, said: “Hong Kong continues to strengthen its position as an international hub for asset and wealth management, supported by its resilience and openness. This creates a valuable opportunity for us to deepen our presence in the local market. The opening of the Private Wealth Center is more than the launch of a new location—it marks a new chapter in Fosun Wealth’s commitment to serving high-net-worth clients in Hong Kong with a more personal, long-term approach, bringing our ‘warm private wealth stewardship’ to a broader client base. Whether we are serving high-net-worth clients or building a stronger ecosystem for financial advisers, we aim to set a high standard in Hong Kong’s wealth management industry. We will focus on turning our capabilities into lasting value for clients, and work with clients and partners to support the continued growth of the sector.”

About Fosun Wealth International Holdings Limited

Fosun Wealth International Holdings Limited (hereinafter referred to as “Fosun Wealth”) is an AI-driven global one-stop Web5(Web2+Web3) wealth management platform wholly owned by Fosun International Limited (stock code: 656.HK) in Hong Kong. With its solid financial position, Fosun Wealth has obtained various licenses via its subsidiaries, including Type 1, 2, 4, 6, and 9 licenses granted by the Securities and Futures Commission(SFC) of Hong Kong, and an insurance broker license granted by the Insurance Authority(IA) of Hong Kong. Fosun International Securities Limited, a subsidiary of Fosun Wealth, is one of the first batch of brokerages to provide virtual asset dealing service. Fosun Wealth has launched several industry-leading brands, including the Fosun Wealth App, Finloop, FinChain, and Fosun Wealth IFA. For more information, please visit: www.fosunwealth.com.

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SOURCE Fosun Wealth International Holdings Limited

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WOLFX Student Super App Reaches 104 Universities One Month After US Launch

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October 23, 2026

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All-in-one college platform reports 300 percent subscription growth following Arizona campaign 

MELBOURNE, Australia, Oct. 23, 2026 /PRNewswire/ — WOLFX, an all-in-one app designed to help college students thrive academically, socially and financially, has been downloaded by students at 104 universities in 130 cities across the US just one month after its launch in Indiana.

The platform recorded a 300 percent increase in subscriptions following its Rush WOLFX campaign in Arizona. Rush WOLFX is a game of skill that involves college fraternities and sororities putting their business skills to the test to win a $10K prize. 

WOLFX plans to hold six additional Rush competitions at Universities across the country next month.

WOLFX brings together AI-powered study tools, wellness support, a student marketplace and opportunities for student entrepreneurs in a single app, giving students who juggle academic, social and financial pressures one place to manage college life.

“I developed WOLFX to make the lives of college kids better. To see the app being so well received across America gives everyone involved a huge boost,” said Simon Bishop, founder of WOLFX. “As a father, I know college can be a daunting time for students and parents. WOLFX is aimed at easing those fears of loneliness and isolation. I’m so happy WOLFX is making a difference.”

Students say the app is already part of their daily routine.

“This is honestly the only college app you’ll ever need,” said Katie Wolf, a cheerleader at Indiana University. “Whether it’s managing my schedule, working on a business idea or even selling some items on the student marketplace, WOLFX has me covered. This app is a game changer for college students.”

WOLFX Platinum is available for $28.99 per month. WOLFX can be downloaded on iOS and Android.

About WOLFX

WOLFX is a student-focused super app designed to help college students navigate campus life through AI-powered study tools, wellness support, a student marketplace and entrepreneurial opportunities. The platform aims to make college life more connected, manageable and rewarding. WOLFX is available on iOS and Android. Learn more at https://wolfxapp.com/.

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SOURCE WOLFX

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