SMA, LG Chem unveil storage offering

SMA Solar Technology AG (ETR:S92) has joined forces with LG Chem Ltd (KRX:051910) to address the "thriving" market of energy storage.

The German solar inverter maker today unveiled a residential storage product developed in partnership with the Korean chemical company. Set to launch in Europe and Australia next month, the offering includes SMA's Sunny Boy Storage battery inverter and LG Chem's RESU storage units, and will be available with 7 kWh and 10 kWh storage capacity. It can be used both with new and existing photovoltaic (PV) systems, SMA said. The companies plan utility-scale storage products in the future.

According to a recent IHS Markit report, in 2015, SMA was the leading energy storage inverter supplier globally in the sub-100-kW segment.

Sung Hoon Jang, senior vice president of LG Chem and head of ESS battery division, noted the two companies have been working together since LG Chem introduced its first residential energy storage system in Germany in 2012.

At the end of last month, SMA revised down its sales and earnings guidance for 2016 because of increased price pressure and solar project delays in some regions. (http://renewables.seenews.com/news/sma-solar-lowers-2016-financial-forecast-due-to-price-pressure-544216)

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