LG Chem, Siemens to work together on battery storage
LG Chem, Korea’s largest chemical company, said on Thursday that it signed a memorandum of understanding with Germany’s Siemens to collaborate on developing and marketing industrial battery storage systems.
The two companies said they will focus on growing the market for energy storage systems.
Siemens will supply the converters and controllers for the joint storage and will handle the project planning, implementation and the integration of the storage systems into distribution grids and microgrids. LG Chem will supply the batteries and the battery management system.
LG Chem and Siemens have been working together for a number of years on lithium-ion energy storage systems.