Japan’s IHI Corporation has unveiled plans to launch a lithium battery storage project in the country’s Fukushima Prefecture.
IHI said the 500kW, 2.5MWh storage facility, incorporating LG Chem Li-ion battery racks, will be developed by US-based subsidiary IHI Energy Storage.
South Korea is backing plans by the country’s battery giants to inject a total of KRW2.3 trillion ($2.3 billion) into the sector over the next three years, to expand production and challenge China’s increasing dominance of the market.
The move, led by battery giants LG Chem, Samsung SDI and SK Innovation Companies is in response to Chinese sanctions the firms say effectively block the use of South Korean batteries in electric vehicles in China.
Two Korean battery makers face further losses after cars using their lithium technology had their certification cancelled in China.
It comes after Samsung SDI and LG Chem both failed to meet the government’s standards for electric car batteries last year.
Korean battery firm LG Chem has struck a blow against Tesla as the fight for customers in the increasingly crowded US residential energy storage system market grows.
Leading US residential solar company Sunrun has opted for LG’s award winning lithium-ion RESU system for its new energy storage system.