South Korea — Hanwha and LG Energy Solution announced they will invest in building battery production facilities in the United States.
The two companies signed a memorandum of understanding in Seoul for comprehensive battery business cooperation for ESS and other clean-tech energy solutions.
The MOU was signed by LGES and three subsidiaries under Hanwha Group – Hanwha Solutions, owner of clean energy manufacturer Qcells, Hanwha Corporation/Momentum and Hanwha Aerospace.
The joint investment is expected to boost battery supply resiliency for the US market amid the growing need for American-made Energy Storage Systems following the passage of the Inflation Reduction Act.
The two companies will also pursue technology cooperation for developing advanced ESS solutions tailored for commercial, industrial and utility markets. They include an enclosure, heat management and other balance of the system.
“We have decided to collaborate with LG Energy Solution, which has several large-scale manufacturing facilities being constructed in U.S., to target the U.S. ESS market boasting fast growth thanks to green energy policies,” said Hanwha Group.
“Our partnership with Hanwha Group is expected to take the competitiveness of each company’s battery-related businesses a step further,” said LG Energy Solution.