LG Energy Solution Co.’s battery cells on display at the InterBattery exhibition on Wednesday, March 5, 2025 in Seoul, South Korea.
Cho Sung Joon | Bloomberg | Getty Images
Shares of LG Energy Solutions rose as much as 16.56% on Thursday after the company’s U.S. unit won a contract to supply battery cells. DTE energy‘s storage project in Michigan.
The eight projects will provide 1.5 gigawatts, or 6 gigawatt hours, of battery storage to store electricity when surplus power is generated and distribute it to customers as needed, LG Energy Solutions Vertec, a division of the company, said in a press release.
According to Yonhap News, the acquisition price is worth $1.6 billion.
“As more American-made energy storage projects are added to the energy grid, we are building an opportunity to play an advanced role within the state in supporting the nation’s energy needs,” said Jaehong Park, CEO and President of LG Energy Solution Vertech.
South Korean battery company is expanding its energy storage system business in the US
The North American battery production network for energy storage systems consists of three independent facilities and two joint venture facilities.
The company is “actively responding to growing customer demand for locally produced (energy storage system) batteries in the United States.”
“Leveraging this strong production network, the company will have over 50 GWh of battery production capacity (for energy storage systems) in the region by the end of this year,” the company said in an April statement.
