LG Energy Solution buys former storage market leader NEC
BDA Partners, and Asian Financial Advisor, announced that LG Energy Solution (formerly LG Chem) has fully acquired NEC Energy Solutions.
Founded in 2014 in the United States following an acquisition of the energy storage business of A123 Systems, NEC ES was once a major player in energy storage in the Americas, Europe and Asia. Its proprietary software suite, Aeros, was used in Massachusetts to help energy storage systems better participate in the state’s SMART program.
LG ES plans to use this acquisition to expand its energy storage presence in North America and continue to offer a full range of storage services, from battery installation to full system solutions.
Energy storage news has reported that NEC went bankrupt in June 2020, but the COVID-19 pandemic contributed to the failure of deals to sell the company.