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LG and Hanwha partner to dominate the battery market
2022-12-13
Hanwha Group and LG Energy Solution have announced a joint venture to construct battery production facilities in the United States. Hanwha is aiming to take the lead in the energy storage market while also preparing for Urban Air Mobility developments. As part of this agreement, Hanwha Solutions – owner of Qcells, a clean energy manufacturer; Hanwha Corporation/Momentum and Hanwha Aerospace are planning to cooperate on technology advancement for ESS solutions for commercial, industrial and utility applications such as enclosure engineering and heat management components.
Qcells had earlier declared an investment exceeding $2.5 billion towards building a complete silicon-based solar supply chain in the US with its first facility due to be constructed in Georgia during the initial quarter of 2021. This venture is to generate 3.3 GW of solar ingots, cells, wafers and finished panels while the Dalton factory in Georgia is poised to assemble another 2GW of solar panels with a total capacity of 8.4 GW by 2024.
LGES has stated that the collaboration with Hanwha will provide them a steady mid-to long-term demand in the US clean energy market where they anticipate rapid growth. Meanwhile, Hanwha Aerospace will be working towards developing advanced batteries for Urban Air Mobility utilization while Momentum will focus on delivering key battery manufacturing amenities for LGES' joint factories with global automakers such as GM, Stellantis and Honda while their existing factories in Korea, Poland and Michigan are due to be broaden.
Furthermore, Hanwha has recently become the leading investor for REC Silicon and is working to generate polysilicon at its facility in Moses Lake, Washington with production expected to start from the second half of 2023 as part of QCells' solar module supply chain.
The partnership between LGES and Hanwha reflects a significant drive towards energy sustainability solutions through technological advancement and innovation. Through this venture, both companies are set to make an impactful contribution to clean energy development on a global scale.
Hanwha Group and LG Energy Solution have announced a joint venture to construct battery production facilities in the United States. Hanwha is aiming to take the lead in the energy storage market while also preparing for Urban Air Mobility developments. As part of this agreement, Hanwha Solutions – owner of Qcells, a clean energy manufacturer; Hanwha Corporation/Momentum and Hanwha Aerospace are planning to cooperate on technology advancement for ESS solutions for commercial, industrial and utility applications such as enclosure engineering and heat management components.
Qcells had earlier declared an investment exceeding $2.5 billion towards building a complete silicon-based solar supply chain in the US with its first facility due to be constructed in Georgia during the initial quarter of 2021. This venture is to generate 3.3 GW of solar ingots, cells, wafers and finished panels while the Dalton factory in Georgia is poised to assemble another 2GW of solar panels with a total capacity of 8.4 GW by 2024.
LGES has stated that the collaboration with Hanwha will provide them a steady mid-to long-term demand in the US clean energy market where they anticipate rapid growth. Meanwhile, Hanwha Aerospace will be working towards developing advanced batteries for Urban Air Mobility utilization while Momentum will focus on delivering key battery manufacturing amenities for LGES' joint factories with global automakers such as GM, Stellantis and Honda while their existing factories in Korea, Poland and Michigan are due to be broaden.
Furthermore, Hanwha has recently become the leading investor for REC Silicon and is working to generate polysilicon at its facility in Moses Lake, Washington with production expected to start from the second half of 2023 as part of QCells' solar module supply chain.
The partnership between LGES and Hanwha reflects a significant drive towards energy sustainability solutions through technological advancement and innovation. Through this venture, both companies are set to make an impactful contribution to clean energy development on a global scale.