LG Energy Solution (LGES) has announced plans to end its joint venture with Stellantis and acquire the latter’s 49% stake in the electric vehicle battery venture NextStar Energy, according to regulatory filings.

The termination of the joint venture marks the conclusion of a partnership formed in March 2022, when LGES and Stellantis jointly established NextStar Energy with the goal of producing advanced battery solutions for electric vehicles (EVs).

The move underscores LGES’s strategy to bolster its position in the rapidly growing global EV market, with a focus on expanding its battery production capabilities. As part of the deal, LGES will fully own NextStar Energy, a company that has been pivotal in supporting Stellantis’s EV ambitions.