lg chem to enter u.s. home battery market with sunrun deal - home battery system
(Reuters)-
LG Chemical Co. Ltd. , the world's largest car battery maker, will enter the fledgling US market. S.
The companies said on Wednesday that by working with Sunrun Inc. , a rooftop solar company, the home energy storage market.
The move will allow LG to compete directly with electric vehicle maker Tesla Motors. Last year, Tesla Motors launched its own home battery pack powerballs.
Sunrun has been using Tesla batteries in Hawaii's home storage system since earlier this year, and the deal will add LG to the supplier list.
Financial terms are not disclosed.
Sunrun said the agreement is not an exclusive agreement of either party.
"Tesla has made all the headlines, but LG produces most lithium-ion batteries," Sunrun Executive Chairman Ed finst said in an interview . ".
LG's entry into the market will help lower battery prices and help more families get economic benefits, he added.
The deal comes as Tesla plans to buy Sunrun's bigger rival, SolarCity Corp, as part of a sale of fossil fuels --
Free lifestyle, people can install solar panels on the roof, power the home, charge the battery pack at home, and charge the electric car battery.
The home battery system allows customers to store solar energy generated during the day for use after the day.
Ultimately, as utilities start charging higher fees for electricity used at night, batteries can bring significant savings to customers when demand is greatest.
The battery pack can also be used as a backup power supply if there is a power outage.
Sunrun currently only offers solar cells in Hawaii, where the sky-
High electricity prices make these systems economically attractive.
The battery enables many residents there to provide all their own power needs without relying on the grid.
Most of Sunrun's battery systems are deployed through a lease or power purchase agreement, which allows consumers to use the technology by paying monthly fees and avoiding significant upfront costs.
In addition to Sunrun customers, LG Chem's batteries will be available to the entire solar industry through Sunrun's solar product distribution division, AEE solar.