Holland and Windsor are both producing LFP ESS cells. Neither has a publicly disclosed cathode active material supplier. Media tours of Holland described manufacturing equipment in detail but never named the CAM source. LG's IR materials are silent. The one identified upstream node, Jae Se New Energy, is a Longbai-affiliated entity currently restructuring ownership to push Chinese equity below 25% (The Elec, April 7, 2026). LG has not acknowledged the relationship.
Strip KRW 189.8 billion in disclosed Q1 2026 incentives from the reported KRW -207.8 billion operating loss and the underlying deficit runs roughly KRW 397.6 billion. That incentive fell 43% QoQ from Q4 2025's KRW 332.8 billion on lower pouch-EV volumes. The credit is volume-dependent. Volume is falling.