The report mentioned that LG New Energy will enter the energy storage system integration market with a new company named "LG New Energy Vertech".
According to the report, the newly established company will be responsible for the planning, design and maintenance of energy storage system integration projects, and integrate necessary equipment including batteries and power conversion systems (PCS) to provide services for LG New Energy’s optimized energy storage business.
According to reports, NEC ES headquarters and research center are located in the United States. It was established by Nippon Electric Co., Ltd. after acquiring the energy storage system integration department of the American A123 Systems Company in 2014. Its sales in 2020 are about 240 billion won (about 1.27 billion yuan), with an average annual growth of about 60% in the past three years