This file photo provided by LG Energy Solution Ltd. shows its plant in Michigan. (Image courtesy of Yonhap)
SEOUL, March 26 (Korea Bizwire) — LG Energy Solution Ltd. (LGES), South Korea’s leading battery maker, said Wednesday it has signed a five-year deal with a Taiwanese company to supply batteries for residential energy storage systems (ESSs) in the United States.
LGES will provide Delta Electronics, Inc. with lithium iron phosphate (LFP) batteries for the 4-gigawatt-hour (GWh) residential ESS systems for five years through 2030, the company said in a press release.
The LFP batteries will be produced at LGES’ plant in Michigan, it said.
The Taiwanese electronics firm plans to begin selling the LFP battery-equipped residential ESS systems in the U.S. market later this year, the release said.
LGES expects the latest deal will help it receive further ESS battery deals in the U.S.
The U.S. residential ESS market is expected to grow to 6.76 trillion won (US$4.74 billion) by 2030 from 1.28 trillion won in 2022, according to global market research firm Fortune Business Insights.
In North America, LGES currently operates three battery cell plants — the first and second plants under a joint venture with General Motors Co. and the third in Holland, Michigan.
It also has plants in South Korea, Poland, China and Indonesia.
(Yonhap)
