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LG Chem seeks to penetrate U.S. energy storage market
By Korea HeraldPublished : May 3, 2015 - 19:51
LG Chem is spurring its energy storage system business in North America having recently inked several battery deals with U.S. companies, including the latest with Gexpro, to expand its presence in the region.
The Seoul-based battery maker said Sunday it has signed a deal with Gexpro, a leading distributor of electrical supplies, to develop energy storage systems.
The system with 45 kilowatt of storage capacity will use LG Chem’s lithium-ion batteries to be installed at schools, hospitals, gas stations and office buildings in the United States from next month.
The system also stores electricity at night when power rates are low and provides the storage during the day, which reduces more than 30 percent of electric charges for the users.
Gexpro, the former retail unit of General Electric, which was acquired by Europe’s largest electricity retailer Rexel in 2006 is currently headquartered in Connecticut and hires some 1,100 workers.
With the new deal, LG Chem said it will secure new clients in the North American market, taking advantage of Gexpro’s sales network of more than 80 outlets across the U.S.
The company also aims to take the lead in the regional market where energy storage is estimated to surge from this year’s 65 megawatts to 1 gigawatt by 2020.
With aims to spur storage, state governments are creating incentives for the wider adoption of the systems both for industrial and home uses.
LG Chem entered the North American market back in 2010 when it started supplying batteries to Southern California Edison, one of the leading electricity suppliers in the U.S.
In 2013, the company supplied batteries for SCE’s wind energy storage project in Tehachapi, California. It also inked a supply deal with AES, the largest power producer in the market, last year.
“Bolstered by our expertise in rechargeable batteries such as those for electric cars, we have newly secured an opportunity to take an early edge in North America’s energy storage market,” said Kwon Young-soo, battery business chief at LG Chem.
“We will seek more orders from around the world to become a global leader in the field.”
By Lee Ji-yoon (jylee@heraldcorp.com)
The Seoul-based battery maker said Sunday it has signed a deal with Gexpro, a leading distributor of electrical supplies, to develop energy storage systems.
The system with 45 kilowatt of storage capacity will use LG Chem’s lithium-ion batteries to be installed at schools, hospitals, gas stations and office buildings in the United States from next month.
The system also stores electricity at night when power rates are low and provides the storage during the day, which reduces more than 30 percent of electric charges for the users.
Gexpro, the former retail unit of General Electric, which was acquired by Europe’s largest electricity retailer Rexel in 2006 is currently headquartered in Connecticut and hires some 1,100 workers.
With the new deal, LG Chem said it will secure new clients in the North American market, taking advantage of Gexpro’s sales network of more than 80 outlets across the U.S.
The company also aims to take the lead in the regional market where energy storage is estimated to surge from this year’s 65 megawatts to 1 gigawatt by 2020.
With aims to spur storage, state governments are creating incentives for the wider adoption of the systems both for industrial and home uses.
LG Chem entered the North American market back in 2010 when it started supplying batteries to Southern California Edison, one of the leading electricity suppliers in the U.S.
In 2013, the company supplied batteries for SCE’s wind energy storage project in Tehachapi, California. It also inked a supply deal with AES, the largest power producer in the market, last year.
“Bolstered by our expertise in rechargeable batteries such as those for electric cars, we have newly secured an opportunity to take an early edge in North America’s energy storage market,” said Kwon Young-soo, battery business chief at LG Chem.
“We will seek more orders from around the world to become a global leader in the field.”
By Lee Ji-yoon (jylee@heraldcorp.com)
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Articles by Korea Herald
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