LG Chem to ship batteries for renewable power plants in Germany
Sep 22, 2014 - South Korean chemical company LG Chem Ltd (KRX:051915), part of LG Corp (KRX:003550), said yesterday it had clinched a deal to deliver lithium-ion batteries to German renewable project developer Energiequelle GmbH.
The equipment will allow Energiequelle to store electricity generated from wind, solar and biomass power facilities in Feldheim, Brandenburg. By the end of March 2015, LG Chem will install 10.8 MWh of batteries, enabling the German firm to supply power to about 2,000 homes each day.
The contract with Energiequelle will help LG Chem expand its business in the global energy storage systems market, the head of its battery division Kwon Young-soo noted.
According to a recent report by market analyst Navigant Research, global revenue from energy storage for the grid and ancillary services is forecast to surge to USD 15.6 billion (EUR 12.1bn) in 2024 from just USD 675 million in 2014.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.