LG Chem strikes inverter deal to enter Australian, European markets
- LG Chem just announced a partnership to expand its residential storage offerings to Australian and European markets, according to Energy Storage News.
- LG Chem and German inverter manufacturer SMA will roll out a battery storage deal coupled with a smart inverter and an option for an energy management system for residential PV systems.
- This package can be retrofitted to existing PV systems and could help customers save 80% on their electric bills, according to the company.
This latest offering builds on a set of expansions from the South Korean battery storage manufacturer. In July, the company announced a new generation of lithium ion battery storage systems for the Australian market, which has become a so-called proving ground for solar-plus-storage.
"We expect this new technology to become a stepping stone that will enable more people to use renewable energy at home around the globe," Sung Hoon Jang, senior vice president of LG Chem said to Energy Storage News.
Rooftop solar penetration in Australia is among the highest in the world, but solar feed-in tariffs are being phased out in provinces with some of the highest levels of solar power penetration, like New South Wales and Victoria. The phase-outs have primed those areas for solar-plus-storage applications.
Meanwhile, other American clean energy companies are eyeing the country for a piece of the market share. Tesla Motors teamed up with an Australian utility last December to sell its storage devices as part of a bundled package.
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