Hyperdrive
Battery Maker LG Eyes US Market to Lift Energy Storage Sales
- North America to make up as much as 70% of ESS revenue by 2030
- LG trying to regain clout in sector after losing market share
This article is for subscribers only.
South Korean battery maker LG Energy Solution Ltd. is considering an expansion of its production in the US in a bid to triple sales from energy storage systems, according to a senior executive.
LG is reviewing further investment in the US, after unveiling a $2.3 billion spending plan in March to produce grid-scale batteries for storage in Arizona, said Chang Seungse, who leads the company’s ESS business. North America will account for up to 70% of LG’s ESS sales by 2030, helping triple its total revenue from the sector in the next five years, he said.