breaking

LG Energy Solution Stock Jumps on Major U.S. Battery Storage Contract

LG Energy Solution's stock climbed as much as 16% following a significant battery supply agreement with DTE Energy for energy storage projects across Michigan. The South Korean manufacturer's subsidiary, LG Energy Solution Vertech, will provide battery cells for 5 gigawatts of storage capacity, equaling 6 gigawatt-hours of deployable power. The systems enable utilities to store electricity during periods of excess generation. They distribute stored power to customers as demand requires. The deal marks another expansion milestone for LG Energy Solution's North American storage business, which now operates three standalone facilities and two joint venture production plants. The company aims to reach over 50 gigawatt-hours of energy storage battery production capacity across the region by year-end. Executives highlighted the contract's role in supporting domestic energy infrastructure needs while capitalizing on robust U.S. demand for locally manufactured storage solutions.