LG Energy Solution buys US energy storage solutions provider

LG Energy Solution Ltd. (LGES) said Thursday it has acquired a US-based energy storage system (ESS) solutions provider as part of efforts to expand its portfolio into all-round energy management services

LGES took over a 100 percent stake in NEC Energy Solutions Inc. from NEC Corp., its Japanese parent company, the South Korean battery maker said in a release. It did not provide details on the amount or terms of the transaction.

ESS refers to a technology that stores excess energy to be used for other times when needed. Providing a reliable battery to run the facility and integrated management solutions, such as remote monitoring, is key to its competitiveness.

LGES said its new US subsidiary created through the deal will focus on tailored solutions encompassing planning, installation and repair and maintenance of ESS projects.

The acquisition of NES Energy Solutions will help LGES gain an edge in the ESS business by combining its global sales and services network with its existing client pool, LGES said.

According to local market tracker SNE Research, the global ESS market is forecast to grow at an annual average of 35 percent to 302 gigawatt hours (GWh) through 2030, compared with 11 GWh in 2019. (Yonhap)