LG Chem launches new energy storage system in Europe, Australia
LG Chem, South Korea’s leading battery maker, said Tuesday it will be launching its new home energy storage system, RESU 6.4 EX, in Europe and Australia this week.
The RESU, its name coming from residential energy storage unit, is a 6.4 kilowatt battery that can be paired with solar panels or work alone. The system is expandable to have an up to 12.8 kilowatt capacity with an additional two 3.2 kilowatt batteries.
The company said the maximum capacity would meet 10 to 15 kilowatts of daily energy use for a household in advanced countries.
For better use by homeowners, the company has reduced the size by more than half, compared to its previous RESU 5.0 model launched in 2013.
The company plans to promote the system through local retailers, including Germany’s Baywa and Australia’s Solar Juice.
According to research firm Navigant, the global home energy storage market will surge from this year’s $389 million to $3.09 billion by 2020.
Europe, in particular, is expected to become the largest market, with home energy storage soaring from the current 47 megawatts to 844 megawatts in the next five years.
“We have secured an earlier edge in the global home energy storage system market in Europe and Australia, following our recent entry into North America,” said Kwon Young-soo, president of LG Chem’s battery business division.
By Lee Ji-yoon (jylee@heraldcorp.com)
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