BDA Partners, an Asian financial advisor, has announced that LG Energy Solution (formerly LG Chem) has acquired NEC Energy Solutions in entirety.
NEC ES, which formed in the United States in 2014 after an acquisition of A123 Systems’ energy storage business, was once a significant energy storage player in the Americas, Europe and Asia. Its proprietary software suite, Aeros, was being used in Massachusetts to better allow energy storage systems to participate in the state’s SMART program.
LG ES plans to use this acquisition to expand its energy storage presence in North America and continue to offer a full range of storage services, from installation of batteries to full system solutions.
Energy Storage News has reported that NEC began going out of business in June 2020, but the COVID-19 pandemic contributed to deals falling through to sell the company.