Instead of carmakers, these companies have started making batteries for utilities, wind- and solar-power developers, and massive data centers that train artificial intelligence.
Selling large, stationary batteries for “energy storage systems,” or ESS, used to be a niche market that wasn’t worth much attention, said Jaehong Park, an executive at the battery arm of South Korean conglomerate LG.
“ESS was the ugly duckling for a long time within our organization,” Park said.
Five years ago, automakers and battery companies raced to build multibillion-dollar electric-vehicle battery plants across the U.S. South and Midwest, based on EV forecasts that…
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