LG Energy Solution, U.S. ESS 16billion-dollar contract win sends shares soaring
LG Energy Solution was reported to have signed a contract to supply ESS batteries to the United States. The contract was reportedly worth US$ billion, and its shares rose by as much as 16% during the trading session. Some sources put the won conversion at 14 trillion won or 2 trillion won2.4.
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LG Energy Solution signed a contract on 28 with a U.S. company to supply batteries for energy storage systems (ESS). The contract was reportedly worth US$ 16 billion. On the news, its shares rose by as much as 14% during the trading session.
The won conversion was given as 2 trillion won or 2.4 trillion won, respectively. The contract counterparty was reported to be DTE Energy. The batteries are intended for ESS systems.
Trading volume was the highest in 52 weeks. As a result, 2 battery-related stocks rose together. The 2 battery sector led gains on the KOSPI.
Hyundai Mobis shares rose after news that a securities firm had raised its target price. The news 2stimulated buying sentiment across battery and automotive electronics-related stocks. Specific target prices and reactions varied by company.
LG Energy Solution's ticker code is 373220. A sharp intraday rise and an increase in trading volume 2boosted trading across the battery theme. Attention is focused on whether the company will disclose an official filing and details of the contract.
That day, market activity suggested that demand for ESS and expectations for North American business expansion were being reflected in share prices. Matters requiring further confirmation remain, including contract terms, delivery schedules, and the method of conversion into Korean won. Investors should check the company's disclosures for details.