LG Energy Solution acquires US storage co NEC Energy Solutions

Source: NEC Energy Solutions (www.nces.com).

September 13 (Renewables Now) - South Korean lithium-ion battery manufacturer LG Energy Solution (LG ES) has taken over US-based sector player NEC Energy Solutions from NEC Corporation (TYO:6701) for an undisclosed sum.

The news was unveiled on Friday by BDA Partners, which served as the exclusive financial advisor to LG on the transaction.

The acquired business has experience gained from 986 MW of energy storage projects in North and South America, Europe and Asia. It offers a software control suite called AEROS.

The announcement says that LG ES will use the acquisition to grow its energy storage business in North America. The purchase also allows the company to establish itself as a one-stop energy storage system (ESS) solution provider that offers the full range of services.

Before the acquisition, LG ES’ activities revolved around automotive, mobility, IT and ESS batteries. The firm has customers in power grids, UPS and the commercial and residential sectors.

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