LG Energy Solution to supply 46-series batteries to US electric commercial vehicle startup Indigo Technologies

LG Energy Solution announced Thursday that it has signed a strategic MOU with Indigo Technologies, a US electric commercial vehicle startup, centered on the supply of 46-series cylindrical batteries.

Under the agreement, the two companies will discuss giving priority to LG Energy Solution's 46-series cylindrical battery cells in new vehicles Indigo Technologies is developing, including its next-generation electric commercial vehicles the Flow Ride and Flow Cargo.

The companies also plan to pursue technical cooperation aimed at achieving optimal vehicle and battery performance, including extended driving range and reduced charging times.

Through the partnership, Indigo Technologies expects to secure the battery technology and stable supply base needed for its next-generation electric commercial vehicles, while LG Energy Solution looks to strengthen its market competitiveness by expanding its 46-series supply references in North America.

Founded in 2010, Indigo Technologies is developing electric commercial vehicles for logistics, delivery and ride-hailing services, built around its "SmartWheels" technology, which integrates drive and suspension systems into each wheel to improve ride quality and provide more interior space.

Widely recognized for its technological capabilities and business potential, Indigo Technologies is also expanding into a transportation-as-a-service model that combines charging infrastructure and digital mobility services with its vehicles.

The electric commercial vehicle market continues to grow, driven by rising logistics and delivery demand from the expansion of online retail, advances in battery technology, and the broader shift toward electrification. According to market research firm Global Market Insights, the global electric van market is projected to grow from about $16.3 billion in 2024 at a compound annual growth rate of 15.5 percent, reaching approximately $65.6 billion by 2034.

"Electrification and automation of ride and delivery services are necessary, but the electric vehicles and charging infrastructure to support them are not yet sufficient," said Will Graylin, CEO of Indigo Technologies. "Through a long-term partnership with LG Energy Solution, we will deliver better economics for vehicles, drivers and fleet operators alike with advanced battery technology."

Oh Sung-hwan, head of the marketing group at LG Energy Solution's Small Battery Division, said the deal was significant as it secured a new US customer on the strength of the 46-series' competitiveness — its high energy density and fast-charging performance based on NCM chemistry. "We will use this collaboration as a springboard to expand into various electric commercial vehicle markets and further accelerate the growth of our 46-series business," he added.

LG Energy Solution plans to use this partnership as a starting point to expand its presence and business scope in the North American electric commercial vehicle market, and to accelerate the growth of its global 46-series cylindrical battery business.

The company also aims to strengthen its local production base by bringing its cylindrical battery factory in Queen Creek, Arizona online before the end of this year, and to use that foundation to expand new global orders for 46-series cylindrical batteries.

LG Energy Solution has been building its customer base for 46-series cylindrical batteries to sharpen its competitive edge. Driven by stable mass production and growing shipments of the 46-series, cylindrical battery shipments in the second quarter of this year rose 1.5 times compared to the same period last year.

Meanwhile, LG Energy Solution plans to restructure the production system at the Spring Hill, Tennessee factory of Ultium Cells — its battery joint venture with General Motors — and establish a mass production base for lithium manganese-rich prismatic batteries by 2028.

LG Energy Solution is also developing its own LMR technology in-house. Since securing its first related patent in 2010, the company has filed more than 300 LMR-related patents through the first half of this year.