LG Energy Solution returns to profit as ESS demand grows

LG Energy Solution has returned to profit in the second quarter of this year as rising battery energy storage systems shipments, supported by its expanding production capacity in North America, offset a prolonged downturn in the electric vehicle market.

According to the company’s preliminary earnings report on Tuesday, revenue rose 24.8 percent year-on-year to 7.56 trillion won ($5 billion), while operating profit declined 77 percent from a year earlier but rebounded to a profit after posting a ...