LG Energy solution supplies batteries to the largest Energy Storage Project in the United States IPO valuation with reference to Ningde Times is expected to reach 100 trillion won

LG Energy solution supplies batteries to the largest Energy Storage Project in the United States IPO valuation with reference to Ningde Times is expected to reach 100 trillion won

On June 17th, LG Energy Solutions, which was spun off from LG's chemical battery business and specializes in battery businesses such as electric vehicle batteries, announced that it would supply batteries to the world's largest energy storage system, (ESS), after applying for IPO to the Korean Stock Exchange.

It is reported that LG Energy Solutions said it had completed the supply of batteries to the Electroweb energy storage system with 120 million watt-hour (GWh) capacity of Vistra, a US energy company, in Moslanding, northeastern Monterey County, California.

According to public data, the Moslanding energy storage system occupies the largest single area in the world and can store electricity for about 225000 households.

For this cooperation, the head of the energy storage system project of LG Energy Solutions said that the supply of batteries to the world's largest energy storage project proves the strength of LG energy storage batteries to a great extent. In the future, LG energy solutions will further enhance the competitiveness of the quality of its energy storage batteries and lead the trend of the global energy storage market.

It is worth mentioning that since the Biden administration proposed to achieve the economic goal of 100% clean energy in the United States by 2050, the energy storage market in the United States has developed rapidly. According to previous data from market research firm SNE Research, in 2020, the US Electroweb energy storage market was 650 million watt-hours, accounting for half of the global energy storage market, with an annual growth rate of 54%. This figure is expected to soar to 5.53 billion watt-hours by 2025, about nine times the current figure.

With profound strength, after LG Energy Solutions announced its IPO plan, some foreign media predicted that the IPO,LG energy solution is expected to raise US $10-12 billion, and this IPO will also become the largest IPO in the history of the Korean Stock Exchange.