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LG shifts focus to energy storage
LG Energy Solution is shifting its focus from manufacturing battery cells for electric vehicles to emphasizing energy storage battery products, especially as demand for electricity storage systems used in data centers and power generation continues to grow. By the end of the year, it is expected that 5 out of 8 factories in the region will produce energy storage batteries, although developing new battery chemistries (such as iron phosphate and lithium) requires time, as they are safer and longer-lasting but have lower energy density. This comes amid expectations that the demand for storage batteries will reach 76 gigawatt-hours this year and increase to 125 gigawatt-hours within five years, although this may still be insufficient to absorb the surplus produced by electric vehicle factories that continue to manufacture nickel-based cells. The company continues to produce traditional electric vehicle batteries, with its Ohio plant resuming production after a temporary halt, amid prospects for growth in the electric vehicle market in the United States.
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