Who is NEC energy solutions?

SEOUL, February 17, 2022 – LG Energy Solution (LGES; KRX: 373220) announced Tuesday that it has completed the acquisition of NEC Energy Solutions, a grid battery integrator based in the U.S. to expand its Energy Storage System (ESS) business offerings.

Is NEC a leader in battery storage?

The Massachusetts, US-headquartered energy storage subsidiary of Japan’s NEC Corporation was widely considered a leading player in the battery storage space when its sudden exit from the industry was announced in mid-2020.

What is NEC energy solutions Alm® battery?

NEC Energy Solutions ALM® family of lithium-ion batteries offers exceptional performance and long operating life. Fast, simple charging. Compatible with most lead acid chargers EverSafeTM battery technology. Protection at the cell, battery, and system level

Why did lges acquire NEC ES?

LGES said the takeover enables it to achieve a high level of vertical integration in the stationary ESS space. Image: NEC ES LG Energy Solution, the battery technology arm of South Korea’s LG Group, has completed its acquisition of 100% ownership in battery energy storage system (BESS) integrator NEC ES.

What does the NEC ES takeover mean for LG Energy Solution?

BDA Partners said that the NEC ES takeover will enable LG Energy Solution to become a one-stop ESS solution provider, engaged in services from battery installation to full system solutions. It will also seek to expand its presence in the North American ESS market.

Is NEC going out of business?

NEC formed the business unit through the acquisition of A123 Energy Solutions in 2014 for around US$100 million. It was revealed to be going out of business in June last year despite having delivered 986MW of battery storage worldwide, making it one of the leading companies in the fast-growing energy storage system integration space.