LG Energy Solution’s shares surge as much as 16% after landing major U.S. battery storage deal
At the InterBattery fair held in Seoul, South Korea on Wednesday, March 5, 2025, an LG Energy Solution Co. battery cell.
Seong Joon Cho | Bloomberg | Getty Images
Shares of LG Energy Solution rose as much as 16.56 percent on Thursday after its US unit struck a deal to supply battery cells. DTE EnergyStorage projects in Michigan.
The eight projects will deliver 1.5 gigawatts of battery storage, or 6 gigawatt hours, allowing electricity to be stored when excess power is generated and distributed to customers as needed. LG Energy Solution Vertech, he said Press release.
According to the Yonha report, the value of the deal is $1.6 billion.
“As more U.S.-made energy storage projects are added to the energy grid, we are creating opportunities for advanced roles in the state that support our national energy needs,” said Jaehong Park, CEO and president of LG Energy Solution Vertech.
South Korean battery company expands energy storage systems business in the US
The battery manufacturing network for energy storage systems in North America consists of three independent facilities and two joint venture facilities.
Company “actively responding increasing customer demand [energy storage systems] The batteries are manufactured locally in the United States.”
“By leveraging this strong production network, the company will obtain over 50 GWh of energy [energy storage systems] In its statement in April, the company stated that battery production capacity will increase in the region by the end of this year.
