An energy storage system (ESS) is an integrated system of secondary battery packs. It is normally connected to a renewable energy source such as a solar power plant or a wind farm to collect electricity and provide power to nearby towns' power grids or sell electricity back to power companies.
LG Energy Solution (LGES) said that the company has set its first step into the ESS system integration (SI) business by establishing a new corporate body called LG Energy Solution Vertech. Using NEC Energy Solution's operational data and technologies, the new corporation will provide customized solutions while effectively monitoring integrated ESS operations in real-time.
"LG Energy Solution will accelerate its energy storage business and ultimately better provide our clients with a more comprehensive ESS program that meets the growing demand," LGES CEO Kwon Young-soo said in a statement on February 17.
LGES and other battery producers are striving to provide integrated services beyond simply supplying batteries. Data released by battery market researcher SNE Research showed that the global ESS market is to increase by an average of 35 percent every year.
In 2014, Japan's NEC Corporation acquired the ESS SI business of A123 System, an ESS manufacturer in the United States, to establish NEC Energy Solution, which has carried out ESS projects in Australia, Britain and Brazil.
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