Hanwha, LGES Pursue Battery Production Investments in U.S. Market

Hanwha Group and LG Energy Solution (LGES) are investing in building battery production facilities in the United States. The two companies signed a memorandum of understanding in Seoul for comprehensive battery business cooperation for ESS and other clean-tech energy solutions. The MOU was signed by LGES and three subsidiaries under Hanwha Group – Hanwha Solutions, owner of clean energy manufacturer Qcells, Hanwha Corp./Momentum and Hanwha Aerospace.

The two companies will also pursue technology cooperation for developing advanced ESS solutions tailored for commercial, industrial and utility market. They include enclosure, heat management and other balance of system.

Hanwha Solutions owns Qcells, a silicon-based solar manufacturer in the United States. The other Hanwha subsidiaries – Hanwha Corporation/Momentum and Hanwha Aerospace – will also participate in battery cooperation with LGES.

In 2022, LGES advanced into the field of ESS System Integration by establishing a new corporation, LG Energy Solution Vertech. Inc., which offers customers a streamlined approach to energy storage system integration and a secure battery supply chain through LGES.

Hanwha Momentum will seek to supply key battery manufacturing facilities for LGES, which is constructing joint battery factories with global automakers such as GM, Stellantis and Honda. Its existing factories in Korea, Poland and Michigan are also scheduled to expand. Hanwha Aerospace is also planning to work with LGES to develop special-purpose batteries for Urban Air Mobility.

“We have decided to collaborate with LG Energy Solution, which has several large-scale manufacturing facilities being constructed in U.S., to target the U.S. ESS market boasting fast growth thanks to green energy policies,” says Hanwha Group. “Our aim is to maximize synergy at home and abroad by promoting partnerships in various fields, such as supplying battery manufacturing equipment and developing special-purpose batteries.”

“Our partnership with Hanwha Group is expected to take the competitiveness of each company’s battery-related businesses a step further,” states LG Energy Solution. “By signing this MoU with leading, like-minded energy companies, we put ourselves in the best possible position to successfully expand the influence of our solar and ESS businesses in the U.S., and we will do our very best to provide customers with comprehensive green energy solutions.”

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Author: Ariana Fine