LG Energy Solution, in the United States 16surges after announcing an ESS order worth hundred million dollars
LG Energy Solution 5month 28 day announced a large-scale ESS battery supply contract with a U.S. energy company. The contract was reported to be worth 16 billion dollars and 2.4 trillion won, and the share price rose 11 percent intraday immediately after the announcement, recording its highest trading volume in 52 trading weeks.
LG Energy Solution 5month 28 day announced that it had signed a battery supply contract for energy storage systems (ESS) in the United States. The company said the contract was for supply to ESS projects in North America. The announcement was made on 5month 28 day.
According to reports, the contract was worth 16 hundred million dollars. A separate report put the contract value at 2.4 trillion won. The company has not yet disclosed all delivery dates and specific terms.
On the news, LG Energy Solution shares surged intraday. According to reports, the shares rose 11 percent. Trading volume reached its highest level in 52 weeks.
2Buying interest also spread to battery-related stocks. Trading in the related sector picked up on the KOSPI. The company said it would make an additional disclosure regarding the impact on the market as a whole.
The counterparty is known to be a U.S. energy company. The contract covers the supply of ESS batteries. The company said it would consider making a further announcement through mutual consultation.
The company plans to disclose the delivery schedule and when the revenue will be recognized. Details related to regulatory approval or local permit procedures may also be disclosed later. Investors should check subsequent disclosures for further details.