South Korea’s Battery Majors LG Energy & Hanwha Explore Partnership for BESS

RUVNL Initiates Proposal to Eliminate Restrictions of Structured RE Projects with ESS

South Korean firms LG Energy Solution and Hanwha, global giants in the world of global battery and renewable energy technology, are looking to set up battery storage centric manufacturing facilities. The units will be established in the US.

The said firms have entered into a partnership to make headways into US battery energy storage system (BESS) market. Notably, the US storage market has been on the path of progress and is expected to continue on its path of growth following the  Inflation Reduction Act (IRA), which has given a considerable push deployment as well as manufacturing of energy storage.

A statement from Hanwha Group read, “We have decided to collaborate with LG Energy Solution, which has several large-scale manufacturing facilities being constructed in US, to target the US energy storage system (ESS) market boasting fast growth thanks to green energy policies.” It further added, “Our aim is to maximise synergy at home and abroad by promoting partnerships in various fields, such as supplying battery manufacturing equipment and developing special-purpose batteries.”

Currently, the firm LG Energy Solution (LG ES) already has established a foothold in the US market already, where it delves into the supply of battery cells, racks At the same time, it is also looking into the a few of largest BESS projects both in residential and utility segments in the USA. In a major development, The the group released its IPO in January 2022. On the other hand, Hanwha Group is working on projects with solar PV manufacturer Qcells, headquartered in Germany. Qcells has home batteries and energy management system (EMS) solutions.