According to The Korea Economic Daily Global Edition,
South Korea’s two leading battery makers – LG Energy Solution Ltd. and Samsung SDI Co. – on Wednesday unveiled low-density batteries and energy storage system (ESS) products to compete with Chinese rivals, dominant players in the two fast-growing segments.
The two Korean companies showcased their latest products at InterBattery Europe 2023 and EES Europe 2023 – two battery-related exhibitions now underway in Munich, Germany.
The Korea Battery Industry Association, in partnership with COEX and KOTRA, is hosting its inaugural InterBattery Europe 2023 in sync with EES Europe 2023, Europe’s largest energy storage system exhibition, June 14-16, to appeal to clients in the region – the world’s second-largest battery market after China.
The Korean association already held this year’s InterBattery expo in Seoul in March.
LG Energy showcased a residential ESS product, Enblock E, equipped with lithium iron phosphate (LFP) battery packs, under its newly launched ESS brand Enblock.
The company said it will manufacture the product at its plant in Nanjing, China and start commercial sales in Europe later this year.
LFP batteries, which are cheaper than nickel-cobalt-manganese (NCM) batteries because of low energy density, have been mainly produced by Chinese companies such as Contemporary Amperex Technology Co. (CATL) and BYD.
Demand for LFP batteries is steadily growing with the increased rollout of low-priced, small electric vehicles and commercial and residential energy storage systems.
According to Bloomberg New Energy Finance, the global ESS market is forecast to grow to $262 billion by 2030, a 24-fold increase from $11 billion in 2021.
In March, LG unveiled its LFP battery prototype at InterBattery 2023 in Seoul.
“In the aftermath of the launch of the US Inflation Reduction Act, which favors EVs and batteries produced in North America, Chinese battery makers are flocking to Europe, which is also a very important market for Korean companies,” said Park Tae-sung, vice chairman of the Korea Battery Industry Association.
At InterBattery Europe 2030, Samsung SDI unveiled Samsung Battery Box (SBB), a product that contains battery cells and modules for ESS in a box form to make it easier for users to connect to the power grid.
Samsung said its latest product with a 3.84 MWh capacity and high-nickel NCA cathodes can meet the daily power need of about 400 households in Europe.
The company also showcased its LFP battery prototype, NMX batteries – which don't contain expensive cobalt present in existing high-nickel batteries – and cylindrical 4680-type batteries at the exhibition.
Sample production of the 4680-type batteries is slated to begin at Samsung’s Cheonan plant in the second half of this year.
Write to Nan-Sae Bin at binthere@hankyung.com
In-Soo Nam edited this article.
Source: The Korea Economic Daily Global Edition (Jun 15, 2023)