LG Group Chairman Koo Kwang-mo (L) inspects the factory of the conglomerate’s U.S. affiliate, LG Energy Solution Vertech, in Massachusetts on Monday. Photo by LG Group
South Korea’s LG Group said Thursday that its chairman, Koo Kwang-mo, visited the conglomerate’s U.S. affiliate, LG Energy Solution Vertech, an energy storage system company based in Massachusetts.
LG Group said Koo’s visit Monday demonstrates its strategic focus on energy storage systems as a key infrastructure component in the era of artificial intelligence.
As AI data centers proliferate across the world, surging electricity demand is elevating the role of energy storage systems as a critical solution for stabilizing power supply. LG Energy Solution is the only firm that producing those kind of batteries in North America.
According to the consultancy Global Market Insights, the global energy storage systems market is projected to grow at an average annual rate of 21.7% from 2025 to 2034.
“Regardless of market volatility, we need to build a structural foundation that stays unshakable,” Koo said during the visit.
“Beyond supplying ESS battery hardware, we must strengthen our capabilities in providing high-margin integrated solutions to secure a dominant market position,” he said.
Koo also traveled to Brazil, where he toured LG Electronics’ factory in Manaus, which manufactures consumer electronics and home appliances. LG Electronics is scheduled to launch a new refrigerator plant in southern Brazil in July.
LG Group said that the trip to South America followed Koo’s visits last year to India and Indonesia, reinforcing the group’s commitment to the so-called “Global South” economies that have a combined population of about 2 billion.
The share price of LG Energy Solution dropped 0.61% on Thursday and 1.48% on Friday on the Seoul bourse. Shares of LG Electronics dipped 3.29% and 0.46%, respectively, over those two days.
