Las Vegas, Nevada, USA - LG Energy Solutions (KRX: 373220) unveiled its strategies for the U.S. energy storage (ESS) sector at the recent RE+ 2023 conference in Las Vegas.
Why it matters:
Influenced by policy support in various countries, the global ESS sector is expected to expand.
The U.S. stands out primarily due to the Inflation Reduction Act (IRA).
According to Wood Mackenzie, the North American ESS sector could grow from 12 GWh in 2022 to 103 GWh in 2030.
The Key Points
- U.S. manufacturing: LG Energy Solutions plans to build Arizona's dedicated ESS manufacturing facility. With a projected capacity of 16GWh, this facility will be one of the first significant plants for ESS in the U.S.
- Supply Chain: One focus is strengthening the local supply chain for crucial materials and components. The strategy includes working closely with local partners through the Arizona facility.
- LFP battery technology: LG Energy Solutions highlights its Lithium Iron Phosphate (LFP) battery technology, citing efficiency and reliability.
- System Integration: A comprehensive approach to system integration covers a full range of ESS services, from deployment to maintenance. Real-time monitoring and maintenance services are part of the plan, as evidenced by the establishment of LG Energy Solution Vertech: Inc., an ESS SI unit in the US.
The Big Picture:
At RE+ 2023, LG Energy Solutions was among over 1,300 companies involved in renewable energy and ESS.
Its display included products such as a "modular type" water-cooled container with 4.76 MWh of LFP cells.
The company also introduced "unblock S" and "unblock S+," both part of its residential ESS lineup.
Seung-se Jang, executive vice president of ESS at LG Energy Solutions, said the company aims to multiply its ESS sales in the coming years.
This ambition is underscored by a planned KRW 3 trillion investment in a new LFP battery plant. The announcements highlight the company's goal to expand its presence in the developing U.S. ESS sector.
