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LG plans to increase sales of energy storage devices.


Sep 12, 2023 , ,
LG планирует увеличить продажи накопителей энергии на американском рынке

According to a senior executive, LG Energy Solution Ltd., a South Korean battery manufacturer, is thinking about expanding its U.S. production site to triple sales of energy storage systems.

After announcing a $2.3 billion expenditure plan in March to develop grid-scale batteries for storage in Arizona, LG is thinking about making additional investments in the US. Chinese suppliers won’t be able to directly compete with us in the US. Our strategy is not to compete with China for market share, according to Chang Seung-se, the company’s ESS business leader.

As a supplier to major automakers like Tesla Inc. and General Motors Co., LG intends to capitalize on its experience with electric vehicle batteries in the ESS industry. In addition, the business will hasten the creation of lithium iron phosphate, or LFP, batteries, which are more affordable and safer than the conventional nickel-cobalt-manganese storage system cells.

By 2030, up to 70% of LG ESS sales will be made in North America, according to Chung Seungse, which will enable the company’s overall revenue from this industry to increase over the next five years.

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