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LG Energy Solution's Shares Surge as Much as 16% After Landing Major U.S. Battery Storage Deal
The deal comes as the South Korean battery company expands its energy storage systems business in the U.S.
TL;DR
- LG Energy Solution shares rose 16.56% after a U.S. deal with DTE Energy.
- The deal is for battery cells for eight storage projects in Michigan, totaling 1.5 gigawatts (6 gigawatt-hours).
- The contract is reportedly worth $1.6 billion.
- LG Energy Solution is expanding its U.S. energy storage systems business and aims for over 50GWh of regional production capacity by the end of the year.