LG Energy Solution acquires NEC Energy SolutionsLG Energy Solution said Thursday it acquired 100 percent of U.S. energy storage system (ESS) solution company NEC Energy Solutions. The amount of the transaction wasn't disclosed.
“With the growth of the global ESS market, clients have demanded battery suppliers to take charge of the ESS' lifecycle from installation to maintenance,” the company said in a release Thursday.
“In response to such needs, LG Energy Solution decided to acquire NEC Energy Solutions.”
With the acquisition, the Korean battery company said it will establish LG Energy Solution Vertech, which will oversee the company's ESS system integration business.
LG Energy Solution Vertech will be in charge of planning, deploying, maintaining and repairing ESS projects.
The global ESS market is expected to grow at an annual average rate of 35 percent, according to SNE Research.
Its market size, which was 11 gigawatt-hour (GWh) in 2019, will reach 302 GWh in 2030, the market tracker said.
BY JIN EUN-SOO [firstname.lastname@example.org]