Korean battery manufacturing giant LG Chem has revealed plans to supply the lithium-ion batteries for the biggest battery-backed wind power energy storage system in the world.
The ESS in Yeongyang County, North Gyeongsang, would have a power capacity of 50 megawatts per hour, which would be capable of supplying electricity for 5,000 average family homes.
Korean power plant operator GS E&R built the wind power plant, and has agreed to work with LG Chem on other future projects that have not yet been revealed.
“This is a meaningful project for us since it will be the single largest ESS for a wind power plant, and we expect successful technological cooperation with GS E&R,” said LG Chem president Kwon Young-soo.
“We will try to expand our business territory in the ESS business in both the Korean and export markets.”
“We expect our knowhow in power plant development and LG Chem’s battery supply will generate a synergy effect,” said a spokesman at GS E&R.
LG Chem said the value of the global ESS industry was likely to almost double next year from this year’s $346 million to $690 million.