Hanwha Group and LG Power Resolution introduced right this moment that they’ll put money into constructing battery manufacturing services in america. The joint funding will pave the way in which for Hanwha to steer the fast-growing vitality storage market and future City Air Mobility enterprise.
Seoul, January 16 — Hanwha Group and LG Power Resolution right this moment introduced that they’ll put money into the development of battery manufacturing services in america. The joint funding will pave the way in which for Hanwha to steer the fast-growing vitality storage market and future City Air Mobility enterprise.
The 2 firms signed a memorandum of understanding in Seoul for complete battery enterprise cooperation for ESS and different clean-tech vitality options. The MOU was signed by LGES and three subsidiaries underneath Hanwha Group – Hanwha Options, proprietor of unpolluted vitality producer Qcells, Hanwha Company/Momentum and Hanwha Aerospace.
The joint funding is anticipated to extend battery provide stability for the US market amid rising demand for American-made Power Storage Techniques following the passage of the Inflation Discount Act. The 2 firms will even proceed technological cooperation for the event of superior ESS options tailor-made for the industrial, industrial and utility markets. This consists of the enclosure, warmth administration and different system steadiness.
Hanwha Options owns Qcells, the biggest silicon-based photo voltaic producer in america. As the one firm to construct a whole photo voltaic provide chain in america, Qcells is main the nation’s clear vitality transition. Already a market chief within the module manufacturing enterprise, Qcells goals to turn into a top-tier photo voltaic and vitality storage developer and EPC supplier within the US by guaranteeing secure battery provide in addition to buying product competitors options.
With the MoU, LGES has now secured one other robust mid- to long-term market demand within the US clear vitality market the place the quickest progress is anticipated, and thus established a powerful platform for progress by strengthening the well-balanced enterprise portfolio of the three. sectors: superior automotive batteries, mobility & IT batteries, and ESS batteries.
In 2022, LGES superior within the discipline of ESS System Integration by establishing a brand new company, LG Power Resolution Vertech. Inc., providing prospects a streamlined strategy to vitality storage system integration and a safe battery provide chain by means of LGES.
Different Hanwha subsidiaries – Hanwha Company/Momentum and Hanwha Aerospace – will even take part in battery cooperation with LGES. Hanwha Aerospace is a number one aerospace and protection firm that produces rocket engines, satellite tv for pc expertise. Hanwha Company/Momentum is an engineering automation firm that gives manufacturing services for batteries, photo voltaic panels and shows.
Hanwha Momentum will intention to offer the first battery manufacturing services for LGES, which has established joint battery factories with world automakers reminiscent of GM, Stellantis and Honda. Its current factories in Korea, Poland and Michigan are additionally set to develop. Hanwha Aerospace additionally plans to collaborate with LGES to develop special-purpose batteries for City Air Mobility.
“We determined to accomplice with LG Power Resolution, which has a number of giant manufacturing services constructed within the US, to focus on the US ESS market that boasts fast progress due to inexperienced vitality insurance policies,” Hanwha Group mentioned. “Our purpose is to maximise synergy at dwelling and overseas by selling partnerships in varied fields, reminiscent of supplying battery manufacturing tools and growing particular objective batteries. ”
“Our partnership with Hanwha Group is anticipated to take the competitiveness of each battery-related enterprise one step additional,” mentioned LG Power Resolution. “By signing this MoU with main, related vitality firms, we’re placing ourselves in the very best place to efficiently develop the affect of our photo voltaic and ESS companies within the US, and we are going to our greatest to offer prospects with complete inexperienced. vitality options.”