Dive Brief:
- Hanwha Group and battery maker LG Energy Solution announced Sunday they signed a memorandum of understanding to jointly invest in building battery production facilities in the U.S.
- The collaboration aims to boost battery supply resiliency for the U.S. market amid growing demand for clean energy solutions, according to the release. The two companies will also collaborate on energy storage systems geared toward the commercial, industrial and utility markets.
- “Our partnership with Hanwha Group is expected to take the competitiveness of each company's battery-related business a step further,” LG Energy Solution said in a statement.
Dive Insight:
The move comes on the heels of Hanwha-owned Q Cells’ $2.5 billion investment in a new solar manufacturing plant in Georgia to establish a complete solar supply chain. Next, the clean energy manufacturer has its sights set on energy storage.
The partnership with LG Energy Solution will help Q Cells become a “top tier solar and energy storage developer” in the U.S. by securing a stable battery supply and product solutions, according to the release.
The other Hanwha subsidiaries involved are Hanwha Aerospace and Hanwha Corporation/Momentum, the release said. Hanwha Momentum aims to supply LG Energy Solution with battery manufacturing equipment as it embarks on joint battery ventures with automakers such as GM and Honda.
“We have decided to collaborate with LG Energy Solution, which has several large-scale manufacturing facilities being constructed in the U.S.” said Hanwha Group in a statement. “Our aim is to maximize synergy at home and abroad by promoting partnerships in various fields, such as supplying battery manufacturing equipment and developing special-purpose batteries.”
In particular, Hanwha Aerospace plans to work with the battery maker to develop batteries designed for urban air mobility.
