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.

More stories to explore
Share this story
Newsletter
Tags
 
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription
\