[Alphabiz=(Chicago) Reporter Kim Jisun] LG Energy Solutions is planning to strengthen cooperation with Hanwha Group in its overall battery business. In addition to joint investment to build battery production lines in the U.S., the company plans to maximize synergy in future new growth projects such as energy storage systems (ESS) and UAM (City Air Transportation).
LG Energy Solution and Hanwha three companies (Hanwha Solution Q Cells Division, ㈜Hanwha Momentum Division, Hanwha Aerospace) announced on the 16th that they signed a memorandum of understanding (MOU) for battery-related business cooperation such as energy storage system (ESS) business. Based on this, LG Energy Solution and Hanwha Group plan to form a TF in the future and promote specific cooperation measures.
The two sides are trying to dominate the rapidly growing U.S. energy storage (ESS) market with eco-friendly energy policies. To this end, LG Energy Solution and Hanwha Group will jointly invest to build a battery production line exclusively for ESS in the United States. In addition to batteries, the company will also develop technologies for integrated system solutions such as air conditioning systems and electronic components included in ESS.
With this cooperation, Hanwha Q CELLS will be able to secure batteries for the US power market stably. The U.S. power grid ESS market is expected to grow more than nine times from 9GWh in 2021 to 95GWh (power charging used by about 40 million people on a domestic basis) in 2031 due to the passage of the Inflation Reduction Act (IRA).
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
