Doosan Bobcat

Doosan Bobcat is accelerating the internalization and vertical integration of core components by securing proprietary technologies for battery packs used in compact construction equipment and forklifts.

Doosan Bobcat and LG Energy Solution announced on March 19th that they have signed a Memorandum of Understanding (MOU) for the development of 'battery pack solutions for compact construction equipment.'

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. Specifically, LG Energy Solution will provide lithium-ion battery cells or modules, while Doosan Bobcat will add battery management systems and package them to standard battery packs optimized for compact construction 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.

Hyunchul (Charlie) Park, CSO and Executive Vice President of Doosan Bobcat, stated, "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," explaining the significance of the MOU. He added "We will standardize battery packs for compact construction equipment and provide solutions to major markets such as North America."

“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."

About Doosan Bobcat Inc.
Doosan Bobcat Inc. represents the world-renowned Bobcat® equipment brand — a leader in the engineering, innovation, manufacturing and marketing of compact construction, landscaping and grounds maintenance equipment, forklifts and materials handling equipment, generators, air compressors, light towers, light compaction equipment, attachments and components.
Doosan Bobcat is a company within Doosan Group. Doosan Group is a top-tier global enterprise proudly serving customers and communities for more than a century.

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 69,600 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/

About CosMX
COSMX is one of the worldwide major suppliers of Li-ion batteries, and has long served for world's well-known customers in the fields of PCs, laptops, tablets, smart phones, smart wearables, power tools, drones and other fields.
For more information, visit http://www.cosmx.com