Are South Korean companies investing in energy storage systems?

While South Korean companies once held over half of the global energy storage system (ESS) market, a string of ESS-related fires and a lack of infrastructure had dampened investments in this market.

What is LG's Home Energy Platform?

LG's Home Energy Platform is a complete energy solution for a more sustainable home. By combining the LG ESS and LG Therma V AWHP, the platform offers efficient heating as well as user-friendly energy management – including all spectrum from production and storage to usage and conservation.

Are South Korea's EV battery Giants ramping up their ESS business?

South Korea’s battery giants have been ramping up their ESS businesses. LG Energy Solution established Vertech, an ESS subsidiary, in the U.S. in 2022. The company is exploring ways to convert underutilized EV battery production lines in Europe and the U.S. into ESS manufacturing facilities. These efforts are already bearing fruit.

Who is LG Energy Solution?

LG Energy Solution is at the forefront of the energy storage industry, driving advancements with cutting-edge technology. Tesla Inc., headquartered in Austin, Texas, is a leading automotive and energy company known for its innovative electric vehicles and energy storage solutions.

How much electricity does Tesla use in South Korea?

To put this in perspective, 1 GWh is enough electricity to power roughly 3,300 homes in South Korea for a month. Tesla’s ESS supply more than doubled from 2023 (14.7 GWh) and nearly five times its 2022 (6.5 GWh) figure. “The ESS business is growing like wildfire,” CEO Elon Musk said last October.

What is Tesla's Energy Storage System?

While the EV sales results are concerning, Tesla operates another rapidly growing business: energy storage systems (ESS). ESS is a device that stores surplus electricity for future use, improving energy efficiency by making power available on demand. It essentially functions as a large-capacity battery.