One of the major benefits to this company split is the new access to investors that the battery division was previously unable to target due to ESG commitments. As Newman further explains, "Even though they've got this world-beating, strong battery business – currently the No. 1 in the world – they don't get the benefit, because the petrochemical business [of LG Chem] is effectively a negative on the stock." Splitting off the battery division will help to improve their access to capital and push through with their expansion efforts. By 2023, LG Chem's battery division is aiming to more than double their manufacturing capacity from around 120 gigawatt hours this year to around 260 gigawatt hours by 2023 and by 2024, annual sales are expected to grow to over 30 trillion won ($26.5 billion) from an estimated 18 trillion won in 2021.