LG Energy Solution Vertech Announces Agreement with DTE Energy for 6GWh of Battery Energy Storage Systems LG Energy Solution Vertech, the U.S. energy storage division of LG Energy Solution, has announced a supply agreement with DTE Energy to develop battery energy storage systems across Michigan. The partnership will support eight projects, with battery systems delivered over a two-year period. These projects will provide 1.5 gigawatts of battery storage capacity, equivalent to 6 gigawatt-hours, a critical technology for enhancing grid reliability. The systems will store electricity during periods of excess generation and distribute it during peak customer demand, reducing strain on the grid and minimizing the need to start and stop power generation as demand fluctuates. The agreement marks a significant step in advancing Michigan’s energy infrastructure, with LG Energy Solution providing battery cells manufactured in Michigan and other U.S. and Canadian facilities. Jaehong Park, CEO and president of LG Energy Solution Vertech, emphasized Michigan’s importance as a U.S. manufacturing hub, noting the partnership’s potential to create advanced roles in the state and support national energy needs. “We’re thrilled to work with DTE to bring Michigan-made energy storage to our communities,” Park stated. “As more U.S.-made energy storage projects are added to the grid, we’re building opportunities for advanced roles in the state that support our national energy needs.” DTE Energy’s president, Joi Harris, highlighted the collaboration’s role in positioning Michigan as a leader in technology and economic growth.#michigan #lg_energy_solution_vertech #dte_energy #battery_energy_storage_systems #joi_harris
LG Energy Solution's Shares Surge After Major U.S. Battery Storage Deal Shares of LG Energy Solution closed 15.25% higher on Thursday after its U.S. unit, LG Energy Solution Vertech, secured a $1.6 billion contract to supply battery cells for DTE Energy’s storage projects in Michigan. The deal, reported by Yonhap, involves eight projects that will deliver 1.5 gigawatts of battery storage capacity, equivalent to 6 gigawatt-hours. This allows electricity to be stored during periods of excess generation and distributed to customers as needed. The company’s press release highlighted the significance of the agreement, emphasizing its role in supporting energy storage initiatives in the U.S. Jaehong Park, CEO and president of LG Energy Solution Vertech, stated, “As more U.S.-made energy storage projects are added to the energy grid, we’re building opportunities for advanced roles in the state that support our national energy needs.” The South Korean battery company has been expanding its energy storage systems business in the United States, leveraging a production network in North America that includes three standalone facilities and two joint venture facilities. The company emphasized its commitment to meeting growing customer demand for locally produced batteries, noting that its production network enables it to secure over 50 gigawatt-hours of battery production capacity in the region by the end of the year. This capacity target was outlined in a statement released in April. Shares of LG Energy Solution rose as much as 16.56% earlier in the session, reflecting investor reaction to the deal. The $1.6 billion contract is tied to the eight projects, which will provide 1.5 gigawatts of storage capacity. The deal is expected to support the company’s operations in the U.S.#michigan #lg_energy_solution #lg_energy_solution_vertech #dte_energy #yonhap
