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LG Energy Solution's shares surge as much as 16% after landing major U.S. battery storage deal
- LG Energy Solution Vertech secured a deal to supply battery cells for DTE Energy storage projects in Michigan, marking a major U.S. storage expansion.
- The deal is valued at about $1.6 billion and contributed to a surge in LG Energy Solution’s shares.
- LG Energy Solution aims to secure over 50 GWh of energy storage battery production capacity in North America by year-end.
- LG Energy Solution Vertech emphasizes expanding its U.S. energy storage business as demand grows.
- The eight Michigan projects will help store excess power and supply customers as needed.
- Analysts see the deal as reinforcing U.S.-made energy storage initiatives and supply chains.
- LG Energy Solution notes a robust production network in North America across multiple facilities and ventures.
- The company’s leadership expects significant capacity growth to meet rising demand for local U.S. storage batteries.
- DTE Energy’s Michigan projects will contribute to the state’s energy storage capacity goals.
- CNBC reports the deal underscores LG’s push into U.S.-made energy storage solutions.
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