LG Energy Solution’s Post

https://lnkd.in/gCZbkQhX the Ministry of Industry and Information Technology (#MIIT) released the Operation Status of China’s Lithium-ion #battery industry in 2023. The output of power lithium-ion batteries in 2023 reached 675 GWh, representing a year-on-year increase of 23.65% compared to 2022 (545.9 GWh).

"Following unprecedented price increases in 2022, battery prices are falling again this year. The price of lithium-ion battery packs has dropped 14% to a record low of $139/kWh, according to analysis by research provider BloombergNEF (BNEF).  The analysis indicates that battery demand across electric vehicles and stationary energy storage is still on track to grow at a remarkable pace of 53% year-on-year, reaching 950 gigawatt-hours in 2023." https://lnkd.in/dVs9wTg2

LG’s $5.5 billion LFP, ESS battery plants in Arizona to kick off in 2026 LG Energy Solution Ltd., the world’s second-largest battery maker, said on Thursday its 7.2 trillion won ($5.5 billion) battery complex in Arizona is on track to completion in two years, further enhancing its presence in the North American electric vehicle market. The complex, announced in March 2023, consists of two manufacturing facilities – one for cylindrical batteries used in electric vehicles and the other for lithium iron phosphate (LFP) pouch-type batteries used in energy storage systems (ESS). The complex marks the South Korean company’s single largest investment in constructing an independent battery manufacturing facility in the US. When fully operational, the battery complex in Queen Creek – LG’s second standalone factory – will have an annual production capacity of 53 gigawatt hours (GWh) – 36 GWh for cylindrical batteries and 17 GWh for LFP ESS batteries. https://lnkd.in/ddDP2cEZ

Last chance to register! In tomorrow's free webinar, CEA will share insights into battery energy storage system (BESS) pricing and associated market drivers behind those trends. To be better informed for critical negotiations with suppliers, buyers need to have a good understanding of the sprawling lithium-ion battery supply chain, and stay on top of the shifting supply and demand. Tomorrow, CEA's VP of Market Intelligence Dan Shreve will provide an outlook for DC container, battery cell, and lithium pricing. Register for the free pv magazine Global webinar: https://lnkd.in/gBKGzYSA #energystorage #supplychain

Battery sales are growing exponentially up classic S-curves that characterize the growth of disruptive new technologies. For thirty years, sales have been doubling every two to three years, enjoying a 33 percent average growth rate. In the past decade, as electric cars have taken off, it has been closer to 40 percent. #bess #energytransiton #batteries #renewables #der

From July 2023 through summer 2024, battery cell pricing is expected to plummet by over 60% (and potentially more) due to a surge in EV adoption and grid expansion in China and the U.S. #solar #technology #renewableenergy

From July 2023 through summer 2024, #battery #cell #pricing is expected to #plummet by more than 60% due to a surge in electric vehicle (EV) adoption and grid expansion in China and the United States. We are in the midst of a year-long acceleration in the #decline of #battery #cell #prices – a trend that is reminiscent of recent solar cell price reductions. Since last summer, lithium battery cell pricing has plummeted by approximately 50%, according to Contemporary Amperex Technology Co., Limited Co. Ltd. (#CATL), the world’s largest battery manufacturer. In early summer 2023, publicly available prices ranged from CNY 0.8 ($0.11)/Wh to CNY 0.9/Wh, or about $110/kWh to $130/kWh.

Well, well, well - Lithium prices have been falling dramatically and demand has been lackluster compared to expectations, so basically no surprise here. But still, good news all around! "battery demand across electric vehicles and stationary energy storage is still on track to grow at a remarkable pace of 53% year-on-year, reaching 950 gigawatt-hours in 2023. Despite this growth, major battery manufacturers reported lower utilization rates for their plants, while demand and revenue fell short of many companies’ expectations. As a result, many EV and battery makers revisited their production targets, which in turn impacted battery prices." #ev #electric #electrification #electricvehicle #electricvehicles #evcharging #charging #chargingstations #renewableenergy #solar #photovoltaics #pv #wind #climatecrisis https://lnkd.in/de3j8WyY

KORE Power is one of the few industry suppliers well-positioned to leverage emerging trends in battery storage as detailed in this insightful article from ESS-News.com. Reflecting on our vertically integrated strategy, exemplified by both the Arizona based gigafactory, KOREPlex, and our history of eV and advanced energy storage solutions, aligns perfectly with the industry’s push towards greater efficiency and cost reduction. As we continue to innovate and expand our capabilities, we're excited about the future of clean energy and our role in driving this transformation from the shores of the U.S. To see for yourself, read more about the future of battery storage here: [In Conversation: How Cheap Can Battery Storage Get?](https://lnkd.in/ghsKTCb6). Eager to have a discussion on how you see the trends evolving. Drop a note here on your views.