FinDreams said it will utilize its consumer battery product, the LFP 4680, to partner with LG to create competitive products for the US and European markets.

(Image credit: FinDreams)

BYD's (OTCMKTS: BYDDY) battery unit FinDreams Battery has partnered with the energy storage unit of South Korean conglomerate LG Electronics to target the US and European markets.

FinDreams announced the tie-up in a press release today, saying it and LG signed a memorandum of strategic cooperation on September 4 in Seoul, with executives from LG ESS (Energy Storage Systems) as well as FinDreams' consumer battery division attending the signing ceremony.

FinDreams will utilize its consumer battery product, LFP 4680, to create competitive products for the European and American markets in cooperation with LG, it said.

Following the signing, they will engage in in-depth exchanges on the competitive advantages of both companies, including technology and products, FinDreams said.

FinDreams' press release didn't provide any more details on the partnership, but it looks as if LG will utilize LFP cells from the BYD battery division to build energy storage products.

In addition to the partnership, FinDreams and LG have exchanged views on the US IRA (Inflation Reduction Act) and on future directions and strategies, according to its press release.

In the future, the two companies will cooperate deeply in home energy storage, robotics and other smart home areas, FinDreams said.

BYD is the world's second-largest power battery maker, with a 16 percent share of 58.1 GWh installed in January through July, according to South Korean market researcher SNE Research.

CATL continued to be the world's No. 1 power battery maker with a 36.6 percent share of the 132.9 GWh installed from January to July.

BYD installed about 14.348 GWh of power and energy storage batteries in September, up 66.64 percent from 8.610 GWh in the same month last year, and up 3.02 percent from 13.928 GWh in August, according to data released by the company earlier this month.

Global EV battery market share in Jan-Jul: CATL 36.6%, BYD 16.0%