LG Chem has signed a mega ESS (energy storage system) deal with AES Energy Storage (one of the biggest U.S. grid battery companies), therefore strengthening its position in the mid to large battery market.
LG Chem, South Korea's leading chemicals and battery maker, said on Dec. 16 that it had bagged a deal to supply 1 gigawatt-hour worth of lithium-ion batteries to AES Energy Storage.
Under the deal, LG Chem will supply 1 gigawatt-hour worth of lithium-ion battery modules to AES to power AES’s grid-scale ESS project, scheduled to be complete in 2020.
LG Chem’s supply of batteries to AES is projected to exceed 1 gigawatt-hour worth of lithium-ion batteries as AES moves ahead with its grid-scale ESS project.
One gigawatt-hour worth of lithium-ion batteries is capable of powering approximately 100,000 four-member households for a day, charging over 50,000 all-new Volt electric hybrid cars or over 90 million smartphones simultaneously.
According to data released by the United States Department of Energy, grid-scale ESS projects worldwide, which either have been complete or are ongoing, amount to 917MWh.
Since LG Chem’s supply of 1 gigawatt-hour worth of lithium-ion batteries well exceeds 917MWh, it is the largest deal ever in terms of capacity for the ESS sector. This groundbreaking deal is expected pave the way for LG Chem to expand its leadership in electric vehicle (EV) batteries into the global ESS market.
AES’s grid-scale ESS project, scheduled to be completed in 2020, is anticipated to pick up speed with the help of a sustainable supply of LG Chem’s world-class lithium-ion batteries. Global market research firm Navigant Research ranked LG Chem as the best of all electric vehicle battery manufacturers in 2013 and 2015.
