Siemens and LG Chem have agreed to collaborate more closely on project development and marketing of industrial battery storage systems, and have signed a memorandum of understanding to this effect. With this collaboration, the companies are responding to the growing demand for energy storage systems, which are needed more and more to stabilize distribution grids.

Under the terms of the agreement, Siemens will supply the converters and controller for the joint storage solutions and also handle the project planning and implementation as well as the integration of the storage systems into distribution grids and microgrids. For its part, LG Chem will supply the batteries and the battery management system.