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LG Chem Expands Footprint into Australian Residential Solar Storage Market Company poised for five-fold growth in 2016

Company poised for five-fold growth in 2016

SYDNEY, AUSTRALIA, 24 March 2016 – LG Chem, Ltd., one of the world’s leading manufacturers of lithium-ion batteries has announced its plans to expand its footprint into the Australian residential solar storage market. With its expertise and legacy in the IT and Automotive battery industry, LG Chem has more recently established itself as a clear leader in the energy solar storage (ESS) market today. 

LG Chem entered the Australian residential storage market in July 2015, with the RESU6.4EX. The product has the highest energy density in the world, which means it is the smallest in volume compared to the amount of energy it can deliver. Its quality has already been proven in Germany and Japan - the two markets where LG Chem has seen the most uptake of its residential storage systems to date. The company has also seen exponential traction for the RESU6.4EX in Australia more recently. 

Untapped opportunity in Australia for solar energy storage 
LG Chem believes it can play a key role in Australia’s solar renaissance. In a less than year since the company’s entry into the Australian market, LG Chem is already making significant strides. Supported by its two main distributors Solar Juice and Supply Partners, the company supplied 600 units since it launched in Australia and expects to see a five-fold increase in growth this year, supplying more than 3000 units in 2016. Once the feed-in-tariffs (FiT) come to an end in Australia in 2017, the company expects to see even greater growth. 

 “This could be a critical decade for Australia. There is a massive sustainability potential that is yet to be fully tapped”, said Changhwan Choi, Manager for Australian business development. “We see a quiet solar revolution brewing and we strongly believe that LG Chem will be at the forefront of this transformation to help unlock the true value of solar storage and better enable the ecosystem. We welcome competition too. We are positive that when more people adopt the RESU6.4EX in Australia, the market will appreciate the quality, efficiency and cost competitiveness of our offering”.

LG Chem’s decision to expand into the Australian market is fueled by the country’s increased recognition of the importance of solar power generation and storage given the highest average solar radiation per square metre of any continent in the world. Solar energy systems will also play a critical role in tackling climate change. According to market research company Navigant Research, the ESS market is set to grow from its current level of 1.1 billion US dollars (1.0 billion euros) to $7.4 billion within the next five years.

A new policy paper released this month by the Clean Energy Council of Australia entails a slew of initiatives that would help increase the uptake of the battery storage in the country. One of the key support measures is to design new “tariffs that can allow consumers to realise the economic benefits of an investment in the technology”.
LG Chem’s list of global customers in the automotive industry has broadened over the years since it began delivering its lithium ion battery, such as GM, Ford, Chrysler, Audi, Daimler, Renault, Volvo, Hyundai, and various Chinese manufacturers. 

About LG Chem
LG Chem, Ltd. is Korea’s largest diversified chemical company which operates three main business units: Petrochemicals, IT & Electronic Materials and Energy Solution. The chemical business manufactures a wide range of products, from petrochemical goods to high-value added plastics. It also extends its chemical expertise into high-tech areas such as electronic materials and rechargeable batteries field. Based on the many years of experience in the development and production of batteries, LG Chem is one of the world's leaders in energy storage systems. As such, the company is a primary supplier for the mobile and automotive industry around the world. Entering the business of ESS in 2012, LG Chem has constantly developed and supplied innovative solutions for the ESS market segments such as Grid, Residential and UPS. Throughout multiple production facilities and an extensive distribution network globally, LG Chem strives to become a global leading company. The product portfolio includes solutions from the ESS market segment like grid, residential and UPS, and offers a variety of possible applications for partners and end customers.