LG Chem Partners with SMA to Expand the Retrofit Market
Announcement posted by LEWIS Global Communications 29 Nov 2016
Up to 80% Savings on Your Electricity Bill with Storage Solutions
LG Chem, Ltd., one of the world’s leading manufacturers of lithium-ion batteries has announced a partnership with SMA Solar Technology AG (SMA) to serve the thriving solar storage market segment.
The companies worked together to develop a highly flexible and cost-effective solution to store solar energy to provide consumers the ability to reduce their electricity usage costs by up to 80%. The new storage solution is tailored for use in private households and comprises SMA’s Sunny Boy Storage 2.5 battery inverter and LG Chem’s RESU10H storage unit.
“Solar energy is now much cheaper than buying grid energy from electricity retailers” said Jamie Allen, Business Manager, Australia and Pacific at LG Chem. “Converting your home to become energy independent is an investment for the future by leveraging proven solar and battery storage technologies. This new solution will enable existing and new homes to be future-proofed ensuring long-term control over their energy use by locking in their energy price. This partnership has helped us create a leading storage system package for the Australian consumer.”
The incentive of feed-in-tariffs drove the increased uptake of solar power installations but with many incentives ending at the end of 2016 many current solar users will now be left short. The retrofit market (adding energy storage for existing solar systems) is a key area in the growth of energy storage as it provides existing solar consumers with the opportunity to again take back control of their electricity costs by also using their solar energy at night rather than selling back to the grid at a quarter of its value.
“The new and future-proof solution from SMA and LG Chem is tailored for use with existing and new residential photovoltaic systems,” said Volker Wachenfeld, Executive Vice President Business Unit Off-Grid & Storage at SMA. “By using the new SMA / LG Chem package, private households can reduce their electricity bill by up to 80% and decouple from the trend of rising electricity prices. With the RESU storage unit and Sunny Boy Storage battery inverter, the new solution combines two highly innovative devices from developed and produced by two proven market leaders.”
The new high-voltage storage solution comprising the RESU10H 9.8kWh battery and the Sunny Boy Storage battery inverter has arrived at just the right time. The solution is extremely flexible, and all SMA PV systems are “storage-ready” regardless of the installation date thanks to AC-coupling. It is easy to install and can be used both with new and existing PV systems.
In addition, the online portal Sunny Places gives users of both storage solutions a transparent overview of their home, providing a view of their household energy flow and access potential savings. With the optional Sunny Home Manager, the system can be integrated into a comprehensive energy management system, if needed.
Going forward, the two market leaders are planning to expand the focus of their collaboration on utility-scale storage solutions with the SMA Sunny Central Storage battery inverter.
The storage solutions from SMA and LG Chem will be available in Australia from December 2016 with distributors, installers and key energy players participating in a lab test in January to understand how the technology comes together and the benefits of the new partnership.
About LG Chem Ltd.
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 2010, 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 has become a global leading company.
About SMA
The SMA Group with sales of €1 billion in 2015 is the global market leader for solar inverters, a key component of all PV plants, and offers innovative key technologies for future power supply structures. It is headquartered in Niestetal, near Kassel, Germany, and is represented in 20 countries. The Group employs more than 3,000 people worldwide. SMA has an extensive range of products, which offers the right inverters for all module types and plant sizes; for small residential systems as well as large-scale plants, grid-connected photovoltaic systems as well as off-grid and hybrid systems. Moreover, SMA offers system technology for various battery technologies and system sizes and collaborates with renowned battery manufacturers and companies from the automotive industry. The SMA technology is protected by about 750 patents and utility models worldwide. The range of services is supplemented by comprehensive services and operational management of large-scale PV power plants. Since 2008, the Group’s parent company, SMA Solar Technology AG, has been listed on the Prime Standard of the Frankfurt Stock Exchange (S92) and is currently the only company in the solar industry that is listed in the TecDAX index.
The companies worked together to develop a highly flexible and cost-effective solution to store solar energy to provide consumers the ability to reduce their electricity usage costs by up to 80%. The new storage solution is tailored for use in private households and comprises SMA’s Sunny Boy Storage 2.5 battery inverter and LG Chem’s RESU10H storage unit.
“Solar energy is now much cheaper than buying grid energy from electricity retailers” said Jamie Allen, Business Manager, Australia and Pacific at LG Chem. “Converting your home to become energy independent is an investment for the future by leveraging proven solar and battery storage technologies. This new solution will enable existing and new homes to be future-proofed ensuring long-term control over their energy use by locking in their energy price. This partnership has helped us create a leading storage system package for the Australian consumer.”
The incentive of feed-in-tariffs drove the increased uptake of solar power installations but with many incentives ending at the end of 2016 many current solar users will now be left short. The retrofit market (adding energy storage for existing solar systems) is a key area in the growth of energy storage as it provides existing solar consumers with the opportunity to again take back control of their electricity costs by also using their solar energy at night rather than selling back to the grid at a quarter of its value.
“The new and future-proof solution from SMA and LG Chem is tailored for use with existing and new residential photovoltaic systems,” said Volker Wachenfeld, Executive Vice President Business Unit Off-Grid & Storage at SMA. “By using the new SMA / LG Chem package, private households can reduce their electricity bill by up to 80% and decouple from the trend of rising electricity prices. With the RESU storage unit and Sunny Boy Storage battery inverter, the new solution combines two highly innovative devices from developed and produced by two proven market leaders.”
The new high-voltage storage solution comprising the RESU10H 9.8kWh battery and the Sunny Boy Storage battery inverter has arrived at just the right time. The solution is extremely flexible, and all SMA PV systems are “storage-ready” regardless of the installation date thanks to AC-coupling. It is easy to install and can be used both with new and existing PV systems.
In addition, the online portal Sunny Places gives users of both storage solutions a transparent overview of their home, providing a view of their household energy flow and access potential savings. With the optional Sunny Home Manager, the system can be integrated into a comprehensive energy management system, if needed.
Going forward, the two market leaders are planning to expand the focus of their collaboration on utility-scale storage solutions with the SMA Sunny Central Storage battery inverter.
The storage solutions from SMA and LG Chem will be available in Australia from December 2016 with distributors, installers and key energy players participating in a lab test in January to understand how the technology comes together and the benefits of the new partnership.
About LG Chem Ltd.
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 2010, 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 has become a global leading company.
About SMA
The SMA Group with sales of €1 billion in 2015 is the global market leader for solar inverters, a key component of all PV plants, and offers innovative key technologies for future power supply structures. It is headquartered in Niestetal, near Kassel, Germany, and is represented in 20 countries. The Group employs more than 3,000 people worldwide. SMA has an extensive range of products, which offers the right inverters for all module types and plant sizes; for small residential systems as well as large-scale plants, grid-connected photovoltaic systems as well as off-grid and hybrid systems. Moreover, SMA offers system technology for various battery technologies and system sizes and collaborates with renowned battery manufacturers and companies from the automotive industry. The SMA technology is protected by about 750 patents and utility models worldwide. The range of services is supplemented by comprehensive services and operational management of large-scale PV power plants. Since 2008, the Group’s parent company, SMA Solar Technology AG, has been listed on the Prime Standard of the Frankfurt Stock Exchange (S92) and is currently the only company in the solar industry that is listed in the TecDAX index.