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LG Energy Solution Texas Vertech Energy Storage System (LG Energy Solution).
LG Energy Solutions said Thursday that its U.S. subsidiary has secured 10 grid deals in the fast-growing U.S. energy storage system market since its inception last year.
The company said the projects have a total energy storage capacity of 10 GWh.
Headquartered in Texas, LG Energy Solution Vertech provides energy storage system integration services from business solutions to installation, maintenance, and repair.
The battery maker formed the joint venture in February 2022 after acquiring Massachusetts-based NEC Energy Solutions.
It also plans to provide a self-developed EROS energy management system that can protect and monitor ESS operational data (battery, equipment and operating environment) at each ESS-installed site.
The battery maker noted that the U.S. ESS market will gradually expand, with renewables accounting for 44% of the country's power grid by 2050, according to the U.S. Energy Information Administration. This means that the share will more than double from 2019. According to a March 2022 report, renewable energy generation will reach 21% in 2021.
According to the Energy Information Administration and market tracker Statista, the U.S. ESS market is expected to grow from 600.9 billion USD expands to 82$600 million.
The fact that LG Energy Solution was selected by the U.S. (Grid) project developer as a Leader is a testament to the company's vertical integration strategy of providing integrated solutions including system integration. Park Jae-Hong, CEO of LG Energy Solution Vertech, said in a statement.
Financially stable companies offer integrated systems that include a comprehensive warranty, which is a big advantage for the (ESS) market. ”
In September of this year, LG Energy Solutions participated in RE+ 2023, the largest renewable energy event in the United States. During the event, the company shared four key business strategies: operating a large-scale ESS battery manufacturing facility in Arizona, strengthening the battery chain, securing cutting-edge lithium iron phosphate battery technology, and improving system integration capabilities.
In June, the company unveiled EnBlock (Home ESS) at the European International Exhibition for Energy Storage 2023 in Munich. In 2021, it made a $1 to the U.S. power generation company VistraThe largest ESS battery of 2 GWh.
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