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Photo = Hanwha Solution |
[Alpha Biz= Kim Jisun] Hanwha Group and LG Group have partnered to enter the "integrated electric power business" market, covering solar power generation, energy storage systems (ESS), energy management software (EMS), and electric vehicle (EV) charging.
The two companies will not only collaborate on the development and sales of key products but also discuss the possibility of jointly establishing a battery manufacturing plant based on market demand and sales performance.
According to industry sources on Sunday, Hanwha and LG plan to launch a residential energy solution product in the second half of this year. This package will combine Hanwha Solutions' solar modules, LG Energy Solution’s ESS, jointly developed EMS by Hanwha and LG, and Hanwha’s EV chargers. This marks the first time the two companies are offering a fully integrated product.
Solar power generation consists of solar modules that produce electricity, ESS for storage, inverters that release stored energy when needed, and EMS for efficient management. Hanwha and LG have agreed to jointly supply these essential components.
This move mirrors Tesla’s business model, which packages solar modules, ESS, and EMS into an all-in-one solution. As the leading company in this sector, Tesla generates over 1 trillion won in quarterly profits from its solar energy package business.
Recognizing their complementary strengths, Hanwha and LG have strategically teamed up to maximize their capabilities. With the U.S. solar energy market expanding due to increasing power demand driven by the AI boom, the companies are also considering establishing a joint battery factory for ESS applications.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
