SEOUL, Oct. 7 (Korea Bizwire) — Shares of South Korea’s largest chemical firm, LG Chem, hit a 52-week low during Monday trading on the Seoul bourse following a grim third-quarter earnings outlook and concerns over its energy storage system (ESS), analysts here said Monday. LG Chem plunged 3.21 percent to touch a new 52-week low [...]
SEJONG, Jun. 11 (Korea Bizwire) — Electric shocks are mainly to blame for a series of fires in energy storage systems (ESS), an expert panel said Tuesday, prompting the government to strengthen safety measures of major components of ESS products. The panel said that DC contactors can explode when a battery system is hit by [...]
SEOUL, May 2 (Korea Bizwire) — South Korea’s energy storage system (ESS) producers have been hit hard by a delay in determining the cause of a series of ESS fires, industry sources said Thursday. A civilian-government committee has been carrying out an investigation into a series of fires that broke out in ESS equipment from [...]
SEOUL, Nov. 2 (Korea Bizwire) — SK Innovation Co. and SK E&S Co. announced yesterday a ribbon cutting ceremony for a new energy storage system (ESS) at Ulsan Complex (Ulsan CLX), SK’s main production center. An ESS captures energy produced at periods when energy consumption is low for use at a later time when energy [...]
SEOUL, July 6 (Korea Bizwire) – The South Korean Government is supporting investment in energy storage systems (ESS), with plans to double the supply this year amid growing concerns over a possible shortage of electric power caused by the temporary shutdown of aging nuclear power plants in the country. According to data released by the Ministry [...]
SEJONG, Sept. 19 (Korea Bizwire) – The South Korean government will provide incentives to encourage solar power plant operators to set up bulk energy storage facilities as part of its efforts to foster the local renewable energy market, the trade ministry here said Monday. Those who install the energy storage system (ESS) at their solar [...]
SEOUL, July 6 (Korea Bizwire) — South Korea’s LG Chem and Samsung SDI have outpaced global rivals in terms of strategy and execution in the energy storage system (ESS) battery industry, a report showed Monday. LG Chem led the corporate assessment in the ESS segment with a total score of 84, trailed by Samsung SDI with 83.5, [...]
SEOUL, May 27 (Korea Bizwire) — LG Chem, South Korea’s leading chemicals and battery maker, will team up with U.S. energy giant Duke Energy to build a battery-based energy storage system at a retired coal power plant in Ohio, the companies said Wednesday. LG Chem said it will provide the operating system and batteries for the [...]
SEOUL, April 3 (Korea Bizwire) — Samsung SDI has developed an energy-saving, blackout-proof power source, and has been testing the system at its Uiwang R&D Center since April 1. The new system is called UES, a hybrid between an Uninterrupted Power System (UPS) and an Energy Storage System (ESS). Samsung SDI has combined the two [...]
SEOUL, March 13 (Korea Bizwire) – In the near future, it will be possible to resell electricity stored in an electric vehicle’s battery to the grid. As EV users can charge their vehicles at a lower cost at night, they can make money by reselling the stored electricity at a higher cost during the day. [...]