BYD’s Battery Division, FinDreams, Forms Strategic Partnership with LG to Expand into US and European Markets

FinDreams has announced a strategic partnership with LG, the South Korean conglomerate’s energy storage unit, to target the lucrative US and European markets. The partnership, formalized through a memorandum of strategic cooperation signed in Seoul on September 4, involves executives from LG’s Energy Storage Systems (ESS) division and FinDreams’ consumer battery division.

FinDreams intends to leverage its consumer battery product, the LFP 4680, to jointly develop competitive offerings for both the European and American markets in collaboration with LG. The agreement also entails an in-depth exploration of each company’s respective competitive advantages, including technological strengths and product offerings.

Although specific details of the partnership were not disclosed in FinDreams’ press release, it appears that LG will utilize LFP cells sourced from BYD’s battery division to manufacture energy storage products. Additionally, the two companies have engaged in discussions regarding the US Inflation Reduction Act (IRA) and shared insights on future directions and strategies.

In the foreseeable future, FinDreams and LG plan to deepen their collaboration in various sectors, including home energy storage, robotics, and other smart home applications.

BYD, recognized as the world’s second-largest power battery manufacturer, commands a significant 16 percent share of the 58.1 GWh installed between January and July, according to SNE Research, a South Korean market research firm. CATL, meanwhile, retains its position as the world’s leading power battery manufacturer, with a commanding 36.6 percent share of the 132.9 GWh installed during the same period.

BYD’s strong performance is further substantiated by its installation of approximately 14.348 GWh of power and energy storage batteries in September alone. This represents a substantial 66.64 percent increase compared to the same month in the previous year and a 3.02 percent rise from August, as revealed by data released by the company earlier this month.