[Featured Stock] LG Chem Rises 3% on News of Battery Supply to LG Energy Solution

[Image source=Yonhap News]

[Asia Economy Reporter Ji Yeon-jin] LG Chem is showing an upward trend on the 17th following news that it will supply batteries for the world's largest ESS (Energy Storage System) project. While the domestic stock market showed weakness amid confirmation of the U.S. Federal Reserve's (Fed) tapering discussions, LG Chem is the only top market capitalization stock rising.

As of 9:12 a.m. on the day, LG Chem was trading at 839,000 KRW, up 3.84% (31,000 KRW) from the previous day.

Earlier, the company announced that its subsidiary, LG Energy Solution, recently completed supplying batteries for a 1.2 GWh (gigawatt-hour) scale power grid ESS operated by U.S. power company Vistra in Moss Landing, northeast Monterey County, California.

This is the world's largest single ESS project. It has a capacity sufficient to power approximately 225,000 households during peak electricity usage hours in California.