Industry-watchers will closely follow how the recently completed acquisition of energy storage system integrator NEC ES by LG Energy Solution pans out.
LG Energy Solution, the battery technology arm of South Korea’s LG Group, has completed its acquisition of 100% ownership in battery energy storage system (BESS) integrator NEC ES.
LG Energy Solution has signed a five-year supply deal for lithium hydroxide from Germany-headquartered Vulcan Energy Resources, which aims to establish carbon emissions-free extraction facilities.
Project owner Vistra Energy expects the 300MW Phase I of Moss Landing Energy Storage Facility — the world’s biggest lithium battery project to date — to come back online during the first half of this year.
LG Energy Solution will use proceeds from its initial public offering (IPO) this month to feed into growing the company’s manufacturing capacity significantly in Europe, the Americas and Asia.
LG Energy Solution has acquired NEC Energy Solutions (NEC ES), the NEC Corporation subsidiary focused on energy storage which announced its exit from the industry last year.
