LG, the world's largest producer of automotive batteries, chemical and rooftop solar Sunrun2016, October 28th, said LG chemical will work with Sunrun to enter the U.S. home energy storage market.
This will make LG chemical and electric car manufacturers Tesla direct competition. Tesla last year released its own battery pack Power wall. Since the beginning of this year, Sunrun has been in its Hawaii home energy storage system using Tesla batteries, but this cooperation plan will enable LG chemical to join its suppliers.
The financial terms of the partnership have not been disclosed. Sunrun said the agreement is not exclusive to both sides.
Tesla repeated focus, but LG chemical production of the majority of lithium-ion batteries, Sunrun executive chairman Ed Fenster said in an interview. He added that the LG chemistry into the market, will help to lower the price of the battery to make it more cost-effective for more families.
Tesla is currently planning to acquire solar panel maker Solar City, with a view to expanding its clean energy business.more solar batteries like