LG Energy Solution has raised its sales target for this year, supported by growing demand for energy storage systems (ESS). The company has revised its annual revenue growth target to 35–40% year-on-year, up from the previous range in the mid-10% to 20% level.

On the 3rd, LG Energy Solution announced that its sales for the third quarter of this year (July–September) were KRW 9,643.4 billion, with operating profit of KRW 756 billion. These figures represent increases of 59% and 27.6%, respectively, compared with the same period a year earlier. Lee Chang-sil, Chief Financial Officer (CFO) of LG Energy Solution, stated, “Company-wide sales in the third quarter grew due to higher ESS shipments as well as increased volumes of EV pouch and cylindrical products.”

In the ESS business, the company strengthened its position in the global market by signing, for the first time, a battery energy storage system (BESS) supply contract with a big tech company. In its North American ESS business, it enhanced local production stability and supply responsiveness by bringing additional cell production lines online. The company projected that, as the United States in August this year underscored through an executive order the establishment of a non-Chinese supply chain for key power grid equipment such as BESS and inverters, companies with local production capabilities will see their competitiveness further strengthen.

In line with this outlook, the company plans to secure more than 70GWh (gigawatt-hours) of ESS production capacity by the end of next year in North America by adding new prismatic lines to the more than 50GWh of production capacity already planned by the end of this year.

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