This file photo provided by LG Energy Solution Ltd. shows its ESS product equipped with lithium iron phosphate batteries. (Image courtesy of Yonhap)
SEOUL, Nov. 14 (Korea Bizwire) — LG Energy Solution Ltd. (LGES), South Korea’s leading battery maker, said Thursday its U.S. unit has signed a long-term deal to supply energy storage systems (ESS) for a local renewables developer.
LG Energy Solution Vertech, Inc. will supply 8-gigawatt-hour (GWh) ESS systems to U.S. renewable energy firm Terra-Gen Power Holdings II, LLC. for four years through 2029, the company said in a statement.
The company didn’t provide the value of the contract.
In 2022, LGES acquired the entire stake in NEC Energy Solutions, a U.S. nonautomotive lithium-ion battery and system integration company, from its parent NEC Corp., and changed the company’s name to LG Energy Solution Vertech.
The acquisition was aimed at strengthening LGES’ ability to provide fully integrated ESS solutions that include installation, maintenance and operational support.
LGES said the deal with Terra-Gen will help its U.S. unit obtain further ESS deals in the U.S. market.
(Yonhap)
