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Biz News Korea(Eng)
LG Chem teams up with Sunrun to tap U.S. residential solar power market
- Collected
- 2016.10.29
- Distributed
- 2016.10.31
- Source
- Go Direct
The Korean battery maker and the U.S. solar company announced on Thursday that LG Chem’s lithium-ion batteries will be installed in Sunrun’s residential solar energy system BrightBox.
Sunrun Executive Chairman Ed Fenster said he expects the company would be able to lead the home ESS market through a partnership with one of the world’s best battery manufacturers LG Chem. The two companies aim to lead the market by beating the current leader Tesla that unveiled its own home battery packs last year.
Sunrun will be in charge of producing home systems storing solar energy during the day time, and LG Chem will provide battery packs to run the storage system for later use at night or on cloudy days.
Sunrun previously used Tesla’s batteries for its power storage systems, but it has changed the battery supplier to LG Chem as Tesla is out to buy its rival SolarCity Corp.
LG Chem’s batteries will first be used in Sunrun’s products sold in places like Hawaii or California where the demand for solar-powered homes has been growing.
The U.S. residential and industrial ESS market is estimated to grow about 60 percent from 830 megawatt-hours this year to 1,300 megawatt-hours by 2020. According to Korean energy market researcher SNE Research, LG Chem is commanding the largest share in the global ESS market.
LG Chem shares closed Friday at 241,500 won, down 1.63 percent or 4,000 won from the previous session.
By Jung Wook
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]