LG Energy Solution shares jump 16% on $1.6 billion DTE Energy battery storage deal in Michigan
By
Justina Lee
4d ago· 2 min readenNews
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Summary
LG Energy Solution's shares surged up to 16.56% after its U.S. unit secured a $1.6 billion deal to supply battery cells for DTE Energy's eight storage projects in Michigan. The projects will deliver 1.5 GW (6 GWh) of battery storage capacity, enabling electricity storage during excess generation and distribution as needed. This marks a significant expansion of the South Korean company's energy storage systems business in the U.S.
Key quotes
· 1 pulledAs more US-made energy storage projects are added to the energy grid, we're building opportunities for
The deal comes as the South Korean battery company expands its energy storage systems business in the U.S.