LG Electronics has closed its solar business. What does this mean for the company?
Sven Armbrecht (SA): After thorough and long consideration, LG Electronics recently decided to close its solar module production. However, as communicated to our customers, we will keep our service structure and strive to maintain a high level of customer satisfaction.
Are you entering other markets instead?
SA: Yes. We would like to officially announce that LG Electronics is going to focus on Energy Storage Systems (ESS) organization. We see high future needs for electricity storage as well as heating solutions for residential customers in all European countries in the upcoming years. Thanks to our established market presence, we are very well positioned in both areas. We would like to leverage this even further in the future.
Image: LG Electronics
Why have you chosen to focus on the ESS business?
SA: Firstly, LG Electronics has invested in building up the production of its new HBC battery in recent years. This gives us much higher flexibility to scale up our production and to develop tailor made battery solutions for future end user requirements. Secondly, we will focus on ESS because of our internal technology. We have a great internal PV inverter technology thanks to our business in Air Solutions, which we accumulated over decades so we can simply apply the knowledge we already possess. Thirdly, thanks to our certified installer network we can ensure a proper installation for our end users in any situation.
What products are already available? Will you launch new ones in the near future?
Kyuwon Heo (KH): LG Electronics has been manufacturing high quality energy storage systems and heat pumps for several years now. We would like to expand this even further and offer innovative products in the field of sector coupling, i.e., electricity, heating, and mobility solutions. Thus, LG Electronics aims to optimally coordinate all these products and offer them from a single source. This secures us a great competitive advantage: efficiency.
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What makes your energy storage systems so unique?
KH: For our new HBC batteries, we are using the most advanced cylindrical cells on the market. Due to their construction, they are very reliable and have a much lower risk of thermal runaways compared to other batteries on the market. Additionally, our product provides one of the highest round-trip efficiencies in the industry.
Will the batteries only be available in Germany or is further expansion on the cards?
SA: Our goal is to keep expanding the business in Europe. We already have a good presence in the DACH region and have started in IBERIA as well. To fulfill specific requirements for the warmer regions of Europe, we will launch a new product. So our business expansion plans are concrete, and we are continuously seeking new talent that will help shape the future of energy storage systems in Europe.
If you would like to become part of our ESS sales team, please send your application to europe-ess@lge.com.
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