LG Chem, Siemens tie up on energy storage systems
LG Chem President Kwon Young-soo, right, shakes hands with Stephan May, CEO of energy management medium voltage and systems for Siemens, after agreeing to cooperate in energy storage solution (ESS) systems at Siemens’ headquarters in Erlangen, Bayern, Germany, Thursday. / Courtesy of LG Chem
By Kim Yoo-chul
LG Chem said Thursday it has signed a memorandum of understanding with Siemens to cooperate in the energy storage systems (ESS) field.
LG Chem secured the rights to exclusively supply batteries to the German company for ESS projects.
President Kwon Young-soo, and Stephan May, CEO of energy management for medium voltage and systems at Siemens, signed the agreement at Siemens' headquarters in Erlangen, Bayern.
"We’ve signed an agreement to further solidify our strategic partnership. We will jointly work on 50 megawatt storage systems in Europe next year," the company said in a statement.
The two companies have already been working together on lithium-ion-based energy storage systems for the past number of years.
ESS are devices that store electric power for later use.
Among ESS technologies, rechargeable flow batteries are expected to go on sale in various application markets in the future.
The global ESS market is expected to reach 58 trillion won by 2020 from 16 trillion won last year, according to Navigant Research, a market research firm.