Siemens and LG Chem have agreed to collaborate more closely on project development and marketing of industrial battery storage systems, and have signed a memorandum of understanding to this effect. With this collaboration, the companies are responding to the growing demand for energy storage systems, which are needed more and more to stabilize distribution grids.
Siemens will supply the converters and controller for the joint storage solutions and also handle the project planning and implementation as well as the integration of the storage systems into distribution grids and microgrids. LG Chem will supply the batteries and the battery management system. The two companies have agreed upon accelerating energy storage solution (ESS) market dominance by collaborating on several major ESS projects over the next years.
LG Chem and Siemens have already been working together successfully for a number of years on lithium-ion-based energy storage systems. Technologies from both companies are in use in a number of international projects. Lithium-ion batteries from LG Chem are installed in the storage system.