Doosan Bobcat connects with LG for battery packs
On March 19, Doosan Bobcat and LG Energy Solution announced they have signed a Memorandum of Understanding (MOU) for the development of ‘battery pack solutions for compact construction equipment.’ In its news release, Doosan Bobcat referred to this action as “accelerating the internalization and vertical integration of core components by securing proprietary technologies for battery packs used in compact construction equipment and forklifts.”
Through this MOU, the two companies will collaborate for standardized lithium battery packs and solutions for compact construction equipment and supply them to key markets including North America. LG Energy Solution started business as LG Chem, and in 2020 announced that it would spin off its battery business at LG Energy to supply batteries for the booming worldwide EV market, including the Chevy Volt and others. The Korean company has offices around the world and will provide lithium-ion battery cells or modules for compact construction equipment. Doosan Bobcat will add the battery management systems and package them to standard battery packs optimized for such equipment. The companies will also discuss expanding the battery packs and solutions from construction equipment such as loaders and excavators to agricultural and landscaping equipment like tractors.
“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,” said Hyunchul (Charlie) Park, CSO and executive vice president of Doosan Bobcat.
“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.”
Doosan Bobcat has been consistently working on the internalization of battery packs, which are directly connected to the performance of electrified equipment. Since 2023, the company has been collaborating with China’s global lithium-ion battery company ‘CosMX.’ They have developed battery packs with enhanced stability and performance and have been incorporating these into electric forklifts for sale since last year.
Last month, Doosan Bobcat and CosMX formalized their partnership by signing a Technical Assistance Agreement (TAA) to expand the collaboration. Through this agreement, Doosan Bobcat will receive initial training from CosMX on battery pack design and manufacturing techniques applicable to various products, securing proprietary technologies.
Additionally, Doosan Bobcat established a dedicated team for the battery pack business in January and plans to set up an R&D center. The R&D center, expected to be completed in the second half of this year and located in Pyeongchon, Anyang City, Gyeonggi Province, South Korea, will conduct technical validation for battery pack manufacturing.
With this move, Doosan Bobcat accelerates vertical integration of core components, including the acquisition of the hydraulic component specialist Doosan Mottrol last year and now entering the battery pack business. CSO Park said, “By vertically integrating the battery pack business following hydraulics, we have strengthened our competitiveness in core components, preparing for electrification as well as traditional industrial equipment,” and added, “We plan to develop optimal battery packs by collaborating with leading global companies and apply them to various types of compact equipment.”
