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BDA advises LG Energy Solution on the acquisition of NEC Energy Solutions

lg energy solution nec energy solutions

BDA Partners announce that its client, LG Energy Solution (“LG ES”), Korea, has acquired 100% of NEC Energy Solutions (“NEC ES”), based in the USA, from NEC Corporation, Japan. The value of the transaction was not disclosed.

BDA Partners was the exclusive financial advisor to LG on the transaction.

NEC ES was established in 2014, by NEC Corporation’s acquisition of the ESS (energy storage solutions) business of A123 Systems, a subsidiary of Wanxiang Group of China. NEC ES has 986 MW of energy storage project experience in North and South America, Europe and Asia.

It has grown into the leading global ESS solution provider, offering specialized systems integration for batteries. NEC expanded its energy storage business, especially in the North American market, using its well recognised, highly sophisticated software control suite, “AEROS”.

LG ES is a Korea-based, world-leading lithium-ion battery manufacturer, active in automotive, mobility, IT and ESS batteries. It has clients in power grids, UPS, and the commercial and residential sectors.

LG ES will use the acquisition as a foothold to expand its ESS business in the North American market, and further strengthen its market-leading position in the ESS market globally.

Moreover, through this transaction, LG ES plans to become the leading one-stop ESS solution provider, offering the full range of ESS services, from the installation of battery storage to full system solutions. These batteries and solutions are innovative, energy efficient, and environmentally friendly.

Howard Lee, Partner and Head of Seoul at BDA Partners, commented:

We’re lucky to play a key role in this transaction whereby conglomerates from two countries, Korea and Japan, have come together to progress an important ESG theme, in the ESS sector.

“We believe BDA will continue to add great value for clients are seeking cross-border growth opportunities, across Asia and beyond.”

READ the latest Batteries News shaping the battery market

BDA advises LG Energy Solution on the acquisition of NEC Energy Solutions, September 10, 2021

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