LG Chem is accelerating its pace in the energy storage system business by signing a series of big deals in the United States and Germany. The company said on September 21 that it was selected as the battery supplier for an energy storage system project commissioned by Energiequelle GmbH, Germany's major renewable energy company. The capacity of the ESS that LG Chem will supply is 10.8 megawatts, electricity sufficient for 2,000 households to use for a whole day.

 

 

 

Under the terms of the agreement, the LG Group company will supply lithium-ion batteries for the ESS under construction in Feldheim, a city in the federal-state of Brandenburg by the first quarter next year. Feldheim, about one and a half hour away from Berlin by train, is an energy self-sufficient city with all environmentally friendly energy sources. The city's residents utilize only 1 percent of the electricity generated in the city while selling 99 percent elsewhere. 

 

The ESS to be installed by LG Chem is designed to deliver electric power generated by multiple sources such as wind power, biomass, and solar power to electric distribution companies outside through the grid after storing it in the batteries. According to Navigant Research, the global ESS market is estimated to grow to US$55 billion by 2020 from $15.3 billion in 2013, with an annual average growth rate reaching 53 percent.