Energy sector updates: New solar project in Illinois and LG Energy Solution record revenue

Convergent Energy and Power has announced the commencement of commercial operations for a 2MW solar system in Morris, Illinois. The project serves a manufacturing facility owned by specialty chemicals company Nouryon under a long-term power purchase agreement. This initiative marks Nouryon’s first onsite solar power purchase agreement in the United States and is intended to support the company’s goal of reducing absolute Scope 1 and Scope 2 greenhouse gas emissions by 40% by 2030.

Separately, LG Energy Solution reported record quarterly revenue of 9.64 trillion won ($7.21 billion), representing a 59 percent increase from the previous year. The growth was driven by strong electric vehicle battery shipments in Europe and significant demand for energy storage systems (ESS) in North America. The company noted that its North American ESS production is expected to double in the second half of the year, supported by localized supply chains and tax credits from the US Inflation Reduction Act.