LG Energy Solution Vertech’s shares surged after announcing a supply agreement with DTE Energy, partnering to develop Michigan-made battery energy storage systems across the state.
The deal will support eight projects with battery systems in a deal worth $1.6 billion.
“Michigan is a key U.S. manufacturing region for our company, where many of our colleagues live and work,” said Jaehong Park, chief executive officer and president, LG Energy Solution Vertech, the U.S. energy storage division of LG Energy Solution. “We’re thrilled to work with DTE to bring Michigan-made energy storage to our communities. As more US-made energy storage projects are added to the energy grid, we’re building opportunities for advanced roles in the state that support our national energy needs.”
“DTE is committed to building a bright future for Michigan,” said Joi Harris, president and chief executive officer, DTE Energy. “By working with LG Energy Solution Vertech to bring more battery storage online through LG Energy Solution’s Michigan manufacturing facility, we’re keeping Michigan at the forefront of technology and economic opportunity – creating good-paying jobs in communities while driving responsible growth, improving reliability for our customers and investing in clean energy solutions.”
The South Korean battery company has been expanding its energy storage systems operations in the U.S. Its battery manufacturing network for energy storage in North America includes three standalone facilities and two joint venture plants.
Shares of LG Energy Solution surged as much as 16.56% following the announcement.
By CEO NA Editorial Staff
