Utility and power generation firm Vistra will write down the value of its Moss Landing BESS to the tune of US$400 million in depreciation expense, its entire remaining book value.
LG Energy Solution is ‘proactively responding to market volatilities’ that have seen the South Korean battery manufacturer’s annual operating profits slide 73.4%.
State-owned power producer PGE Group has selected LG Energy Solution to provide the BESS for a 263MW/900MWh project it will build in Poland, for a total of PLN 1.555 billion (US$385 million).
A fire broke out yesterday (16 January) at the Moss Landing facility which houses what was once the world’s largest BESS, owned by Vistra Energy, in California, US.
Lithium-ion OEM LG Energy Solution will slow its expansion to focus on increasing utilisation at existing production lines, while also starting battery production in the US for energy storage next year, it revealed in its quarterly results.
LG Energy Solution saw its revenues fall 30% in the second quarter of the year amidst a global EV market slowdown, and the company says its ESS segment could help offset this.
LG Energy Solution has said it will take a strong stance against those copying its technology following what it says is a surge in battery patent infringements, including in the ESS market.
Battery manufacturer LG Energy Solution has started construction on its gigafactory in Arizona, US, which will have 17GWh of production dedicated to the energy storage system (ESS) market.
The owner of a battery energy storage system (BESS) project in Illinois, US, is seeking at least US$10 million in damages from LG Energy Solution for supplying allegedly defective batteries, a court document shows.
Element Energy’s large stock of batteries for second life energy storage are mostly LG batteries recalled from EVs in the last few years due to fire safety concerns, a source told Energy-Storage.news.
