[Asia Economy Reporter Hyungsoo Park] Kiwoom Securities forecasted on the 19th that significant sales of medium-to-large battery packs from IrenTech will begin in earnest.
Kim Doohyun, a researcher at Kiwoom Securities, explained, "Starting next year, orders for IrenTech's medium-to-large ESS battery packs are expected to surge," adding, "IrenTech has raised 30 billion KRW to begin expanding the ESS battery pack line for LG Electronics."
He continued, "As an ODM business for home-use medium-to-large ESS battery packs, this will be an opportunity for IrenTech to level up from simply supplying battery packs."
Furthermore, he analyzed, "Looking at U.S. President Joe Biden's pledge to install 50,000 solar panels, there is significant growth potential in the solar and home ESS markets," and "Ultimately, LG Electronics is expected to introduce large-capacity ESS products to increase home ESS sales in the North American region."
Researcher Kim estimated, "It is reasonable to assume that IrenTech will produce the battery packs applied here," and projected, "IrenTech's ESS battery pack sales next year are expected to reach 139.2 billion KRW."
He emphasized, "The primary leased factory production line will begin operating from the fourth quarter of this year," and "the effect of production capacity expansion will be reflected starting from the first half of next year."
Researcher Kim also stated, "The ESS battery packs supplied to Samsung SDI, which were previously delivered, will continue to secure stable orders in a favorable market environment," and "there is a high possibility of expanding additional customers."
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