Buying the US-based grid battery integrator capitalises on global demand for standardised, fully integrated storage systems and enhances LG Energy Solution's operational services across equipment installation, remote monitoring service and scheduled maintenance.
NEC Energy Solutions achieved an average annual growth of 60% since 2018, posting revenues of US$207mn in 2020. The company’s AEROS control system, its proprietary system-level energy storage software platform is widely recognized within the ESS business, as are its years of experience with multiple global partners.
By securing the battery system integrator’s technology and extensive operational data, LG Energy Solution will have a strong platform to enhance system-level performance and reliability through an improved monitoring and data acquisition system that includes the battery and inverter (Power Conditioning System) as well as related auxiliary systems.
“Through the deal, LG Energy Solution will accelerate its energy storage business and ultimately better provide our clients with a more comprehensive ESS program that meets the growing demand,” said Youngsoo Kwon, CEO of LG Energy Solution. “We are confident we can expand on the ESS business by escalating our competitiveness in terms of quality and ultimately become a leading global player within the industry.”
The energy storage system market continues to grow globally. Battery market researcher SNE Research predicts that the global ESS market size will expand by an average of 35% on an annual basis. The ESS industry was at 11GWh in 2019, 20GWh in 2020 and is anticipated to hit 302GWh by 2030.
TRC Companies buys ESS Group to enhance specialist renewables services
TRC Companies has expanded its power & renewable energy and coastal engineering capabilities with the acquisition of ESS Group (ESS), a Northeast based firm widely recognized for its reputation as a best-in-class provider of Power and Renewable Energy, Coastal Engineering, and Water Resource Management expertise.
"The acquisition of ESS further expands and strengthens TRC's ability to support our client's ESG and Climate programs." said Chris Vincze, CEO of TRC. "In particular, ESS enhances TRC's Renewables Strategy by offering specialised capabilities such as coastal resiliency, flood hazard vulnerability studies, stream and lake consulting, as well as offshore wind energy & transmission support."
ESS and TRC complement each other with respect to multiple aspects of energy generation and transmission, water resources management and multi-disciplinary environmental consulting and monitoring across terrestrial, as well as coastal shoreline and offshore marine environments, said Charles Natale, the former Founder & President of ESS. "TRC allows us to supplement existing and new service lines to our current service offerings and TRC is further able to support client's ESG and Climate programs."