LG Chem has signed a memorandum of understanding (MOU) with three U.S. companies — Gexpro, Ideal Power and Geli — to supply its batteries for energy storage solution (ESS) systems.
Under the agreement, LG Chem will supply batteries for ESS systems, being developed by Gexpro, with a capacity of 45KWh, according to a report from the Korea Times. These systems will be delivered to schools, hospitals, oil stations and office buildings. Gexpro, a former subsidiary of GE (NYSE: GE), was acquired by Rexel of France in 2006.
LG expects the North American market to grow at an annual rate of 70 percent from 2015 to 2020.
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