Energy Storage News•8 days ago
Energy storage demand offsets EV slowdown, driving LG Energy Solution profit increase
Key Takeaway
The strong financial performance of a major battery OEM, driven by energy storage demand, signals a robust and expanding market for developers and large power consumers deploying battery solutions.
AI Summary
- •LG Energy Solution (LG ES) reported increased quarterly profits, primarily driven by robust demand for energy storage solutions.
- •This growth in energy storage demand is occurring despite a slowdown in electric vehicle (EV) sales, indicating a strong, independent market for grid-scale and commercial/industrial battery deployments.
- •The shift in LG ES's profit drivers underscores the increasing market maturity and financial viability of battery energy storage systems (BESS) for developers and large power consumers.
Topics
storageoempolicydatacenter