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LGES to more than triple ESS sales within next 5 years

2023.09.13 12:40:01 | 2023.09.13 13:16:58

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[Courtesy of LGES]

South Korea’s LG Energy Solution (LGES) has a strategy to more than triple its energy storage system (ESS) sales within five years, which it revealed at an industry event in the United States.

LGES showcased its latest ESS products and technological capabilities at RE+ 2023, the largest renewable energy storage exhibition in the United States, while unveiling its four key business strategies to secure a strong foothold in the U.S. market.

The event is taking place from September 11-14 (local time) in Las Vegas.

Under the four strategies, LGES intends to operate a large-scale production facility in the United States to meet the growing demand for ESS solutions in the region and plans to strengthen its supply chain system, ensuring efficient distribution and delivery of its products. LGES will also emphasize its expertise in lithium iron phosphate (LFP) battery technology, a key differentiator in the ESS industry, and the company will focus on enhancing its system integration capabilities to provide comprehensive ESS solutions.

To achieve these goals, LGES said it will expand its strategic partnerships with U.S. customers through the operation of its first large-scale ESS-dedicated battery production facility in Arizona. With an investment of 3 trillion won ($2.26 billion), the facility will have a production capacity of 16 gigawatt-hours (GWh) and will manufacture pouch-type LFP batteries and mass production is targeted to begin at this facility in 2026.

LGES is also committed to strengthening its local supply chain system, covering core raw materials and components used in battery cell production as well as in the manufacturing of packs and containers. These efforts means the company’s clients will benefit from tax deductions under the Inflation Reduction Act (IRA) and reduce the overall cost of ESS installations.

“We aim to achieve a more-than threefold growth in ESS business revenue within the next five years,” according to Chang Seung-se, who heads LGES’s ESS business division.

By Jung You-jung and Minu Kim