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Photo = Yonhap news |
[Alpha Biz= Reporter Kim Jisun] Battery manufacturer LG Energy Solution (LGES) has secured its largest-ever supply contract for its Energy Storage System (ESS) business, valued at approximately 2 trillion KRW.
On November 14, LGES announced that its ESS subsidiary, LG Vertech, signed an 8GWh (gigawatt-hour) ESS supply contract with American renewable energy company Terragen. This 8GWh capacity is equivalent to the daily power consumption of over 800,000 households of four people.
ESS systems store electricity generated by power plants and supply it when needed, making them essential equipment for renewable sources like solar and wind, which produce power intermittently. Demand for ESS remains steady across regions such as North America and Europe. Vertech plans to produce and supply high-capacity LFP (lithium iron phosphate) battery cell-based products in North America from 2026 over a four-year period.
To gain an advantage after the "chasm" phase, LGES has signed six contracts worth trillions of KRW this year, including this latest one. Most of these agreements are set to commence supply in about two years, which aligns with the expected end of the chasm period. Earlier, on November 8, LGES entered
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
