POWER and RE+ Tech Supp September 2022 - 19
SEPTEMBER 2022 | WWW.POWERMAG.COM
3. The KOREPlex, a 1-million-square-foot
battery manufacturing facility in Arizona,
is being developed by KORE Power.
Groundbreaking is scheduled by the end
of this year. Courtesy: KORE Power
battery cells optimized for the two automaker's
battery EV models. "
Bakar Sadik Agwan, a senior automotive
consulting analyst at GlobalData,
a data and analytics company,
in an email to POWER wrote, " Indonesia,
which has reserves of nickel and
cobalt used in Li-ion cell batteries, is
well positioned to meet that demand
amid advancements in EV technology.
As a result, the 50:50 JV [joint venture]
will be of high strategic importance to
Indonesia from an EV perspective and
surely a win-win for both LG and Hyundai.
Hyundai, which aims to expand
the portfolio of EVs to 44 models by
2025, will secure adequate supply for
its future EVs and LG will strengthen
its global presence in the EV market. "
The Hyundai-LG announcement
comes as global automakers maneuver
to secure their own battery supply
chains to cope with growing demand
for EVs. Ultium Cells, an Ohio-based
battery manufacturer and a joint venture
of LG Energy Solution and General
Motors, in April announced a more than
$2.3 billion investment to build a battery
cell manufacturing plant in Tennessee.
A recent report from Praxis Global
Alliance, a consultancy based in India,
said the stationary storage market
within battery energy storage systems
(BESS) will experience major growth
over the next decade. The group said
BESS installations will continue to utilize
lithium-ion technology, and said it
expects battery prices will fall an average
of about 6% each year until at least
2030. The report cited information
from the International Energy Agency
that said India would lead the battery
storage market, deploying more than
one-third of all global storage systems
over the next 20 years, mostly because
the country is ramping up its use of
renewable energy, particularly solar-
with the expectation solar farms will
be paired with energy storage.
Investors have been pouring money
into the lithium mining and battery
production sectors, in part due to the
growth in BESS installations but also
due to projections that EVs are on a
rapid growth trajectory. The Solactive
Global Lithium index, which tracks
sepapower.org
Co-host of
Your Trusted Guide to a
Carbon-Free Energy Future
Accelerating
Transformation
Achieving a modern, carbon-free system will
require collaboration across our industry.
We're focused on three areas to help
accelerate the transformation.
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POWER and RE+ Tech Supp September 2022
Table of Contents for the Digital Edition of POWER and RE+ Tech Supp September 2022
POWER and RE+ Tech Supp September 2022 - Cover1
POWER and RE+ Tech Supp September 2022 - Cover2
POWER and RE+ Tech Supp September 2022 - 1
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POWER and RE+ Tech Supp September 2022 - 44
POWER and RE+ Tech Supp September 2022 - Cover3
POWER and RE+ Tech Supp September 2022 - Cover4
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