LG ES Partners With Hanwha Q CELLS...Dominate North American ESS Market
LG ES Partners With Hanwha Q CELLS...Dominate North American ESS Market
  • BK Min
  • 승인 2024.05.17 12:07
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LG Energy Solution announced on the 17th that it had signed a contract to supply 4.8GWh of ESS batteries to Hanwha Solutions Q CELLS Division in the US.

The magnitude of this contract, valued at approximately 1.4 trillion KRW, is unparalleled in the global power grid ESS sector, marking it as LG Energy Solution's largest single ESS project ever. 

The contract, spanning until October 2026, will see the installation of these batteries in La Paz County, Arizona.

Last year, LG Energy Solution and three Hanwha Group companies, including Hanwha Q CELLS, signed an MOU for cooperation in the ESS business. 

This contract includes services from Vertech, LG Energy Solution's SI (System Integration) subsidiary, which handles ESS planning, design, installation, maintenance, and repair.

With a clear vision to seize the burgeoning North American ESS market, LG Energy Solution is constructing a 17GWh ESS-specific lithium iron phosphate (LFP) battery plant in Arizona, which is slated to commence operations in 2026. 

According to market research firm SNE Research, the North American ESS market is projected to surge from 55GWh in 2023 to a staggering 181GWh by 2035.

An industry insider commented, "Amid the temporary demand stagnation in the electric vehicle market, this contract is significant. The strategic partnership between the two companies is expected to expand as they work to dominate the rapidly growing North American ESS market."

The link to the Korean version of this article is as below.

LG엔솔 '북미 지역 ESS 선점' 한화큐셀과 맞손...1.4조 원 단일 규모 기준 최대

Source_ⓒLG Energy Solution


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