By Jung-Ah Lee
SEOUL--South Korea's Samsung SDI Co. (006400.SE), a maker of the
rechargeable batteries used in consumer electronics and vehicles,
said Wednesday it signed a memorandum of understanding to supply
energy storage systems to German solar power inverter maker KACO
new energy GmbH from the end of this year, in what will be the
Korean firm's first entry into the European market.
Samsung SDI said it will supply energy storage and battery
management systems to the German firm. Inverters transform the
direct current output of a solar panel into alternating current,
which most appliances use.
KACO is based in Neckarsulm, Germany. The two companies also
have an agreement to further cooperate in the development of energy
storage systems, Samsung SDI said.
In October last year, Samsung SDI signed an agreement with
Japan's Nichicon Corp. to supply energy storage systems to Japanese
households from the first half of this year. The Korean battery
maker said at the time it aimed to have a more than 30% share of
Japan's household energy storage system market by 2014.
Write to Jung-Ah Lee at jung-ah.lee@dowjones.com
