Korea Battery: LGES wins 2.9GWh Google ESS project; SK On wins 13% of Korea AI ESS tender

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Korea Battery: LGES wins 2.9GWh Google ESS project; SK On wins 13% of Korea AI ESS tender

J P M O R G A N Asia Pacific Equity Research

17 July 2026

Korea Battery

LGES wins 2.9GWh Google ESS project; SK On wins

13% of Korea AI ESS tender

On 15 July, Yonhap reported that LGES will supply ESS to Google’s solar-plus- Head of Asia Energy & Chemicals |

storage project aimed at meeting growing electricity demand from its datacenter Asia EV Battery

and other projects. This will use LGES’s Gen 2 LFP ESS battery system. Parsley Ong AC

Meanwhile, the Korea government has awarded its first AI-powered ESS tender (65) 6882-8578

of 640 Mwh to the K-battery trio. We note that the announcement of the 3rd Korea parsley.rh.ong@jpmorgan.com

ESS central tender (potentially ~3.2 Gwh) is now expected in September. We view J.P.J.P. MorganMorgan SecuritiesSecurities Singapore(Asia Pacific)PrivateLimited/Limited/J.P.

these developments as a minor positive for K-battery, with investor focus largely Morgan Broking (Hong Kong) Limited

on profit turnaround OR repurposing/sale/monetization of unutilized battery Michelle Wong

assets as opposed to mere order wins. We prefer battery cell > battery materials, and (852) 2800 8556

recently moved SK Innovation to our top pick within K-energy after its >140% michelle.wong@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

underperformance vs S-Oil, and 150%/13% underperformance vs SDI/LGES Morgan Broking (Hong Kong) Limited

since 2Q25. Vicky Hsia

(852) 2800 3752

• LGES to supply 2.9GWh ESS system to Google: On 15 Jul, Yonhap reported vicky.hsia@jpmorgan.com

LGES’s ESS supply partnership with Google and Cypress Creek Energy on J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited