SEOUL, Nov. 24 (Korea Bizwire) - LG Chem Co., South Korea’s top chemicals and battery maker, said Tuesday that it has signed a deal to provide an energy storage system (ESS) for a local wind power generation complex in the country.
Under the deal with private power generator GS E&R, LG Chem will supply the system with a capacity of 50MWh, which translates into daily power consumption for some 5,000 households.
The ESS refers to the procedures of saving energy in a large-scale battery for efficient distribution of power. For example, an ESS can save energy during night hours to be utilized during daytime, when demand for power is high.
GS E&R has been test-running a wind power generation complex in Yeongyang, some 328 kilometers southeast of Seoul, since September this year.
The local ESS market is expected to hit 820 billion won (US$708 million) in 2020 from this year’s estimated 400 billion won.
South Korean firms have been tapping deeper into the segment as it is considered a new growth engine for the battery industry.’