LG Energy and Lotte Rental to collaborate in BaaS

LG Energy Solution and Lotte Rental said on Friday that the pair will collaborate in battery-as-a-service (BaaS) for electric cars.

Under the partnership, LG will measure batteries’ capacity and their remaining life span, as well as issue certificate for their status. 

Lotte will strengthen its own safety review of batteries and share that information with its customers. This will allow them to secure more profitability when selling used electric cars.

Lotte is planning to procure up to 4,000 electric cars to offer them for rental.

The pair will also develop a mobile charging service and repair service specialized for electric cars.