LG Energy Solution Establishes New Organization for Energy Service Business

LG Energy Solution has established a new organization responsible for the Energy as a Service (EaaS) business.

According to industry sources on the 26th, LG Energy Solution recently reorganized its structure by creating an EaaS business unit under the Chief Strategy Officer (CSO) and also expanded the Battery as a Service (BaaS) organization. The companies 'AVEL' and 'KooRoo', which were launched at the end of 2022 and operated as company-in-company (CIC), will be integrated and operated respectively as the EaaS business unit and the BaaS business unit.

Since AVEL and KooRoo have demonstrated business capabilities and established a solid business foundation over the past two years, this move is interpreted as a measure to actively expand the business by strengthening synergy with various internal organizations and expanding globally.

Last month, LG Energy Solution announced its corporate vision at a vision sharing event to leap beyond battery manufacturing and become the center of the global 'energy circulation ecosystem.' As part of its mid- to long-term strategy, the company revealed plans to actively expand its business base in software and service areas such as BaaS and EaaS.

AVEL, which laid the foundation for the business early on by starting the operation of Korea's first distribution network-connected energy storage system (ESS) power plant, will belong to the EaaS business unit and will actively pursue the expansion of LG Energy Solution's global EaaS business targeting the North American market.

An LG Energy Solution official explained, "Through the reorganization of the new business units, we will accelerate future growth businesses and strengthen proactive capabilities."