Latest news with #ESS
Hamilton Spectator
a day ago
- Automotive
- Hamilton Spectator
Equipment Sales & Service Limited Expands Toronto Service Shop to Serve GTA and Surrounding Region
TORONTO, July 28, 2025 (GLOBE NEWSWIRE) — Equipment Sales & Service Limited is pleased to announce the expansion of its Toronto service shop to effectively cater to the growing needs of the Greater Toronto Area (GTA) and the surrounding regions. Facility Video Link: The expanded service shop boasts state-of-the-art facilities and equipment, including: Morgan Cronin, President & CEO of ESS, expressed, 'The expansion of our Toronto service shop marks a significant step forward for ESS as we continue to enhance our infrastructure and capabilities. We are dedicated to upholding the highest standards of quality, and the expansion underscores our ongoing commitment to providing top-tier equipment sales and services.' Executive Co-Chairman Peter M. Willis added, 'Our expanded Toronto service shop is a testament to ESS's dedication to customer-centric service. The enhancements in this facility further empower us to deliver comprehensive support and services to our customers, reinforcing our position as a trusted value-added partner.' About Equipment Sales & Service Limited ( ) Equipment Sales & Service Limited was founded in 1946, ranking it with Canada's oldest and most established equipment companies. Now in our third generation as a private family-owned business, ESS retains the flexibility to respond to customer needs quickly and to keep pace with our rapidly changing global economy. ESS takes pride in delivering a personal standard of service to customers based on our traditional values of hard work, integrity, and shared responsibility. In addition to our sales of heavy equipment, ESS is one of Canada's largest national service providers, supporting all makes of machinery with factory-trained service technicians and the nation's largest inventory of OEM, wear parts, and aftermarket parts. Our commitment to customer service is matched by our commitment to ESS employees. Our safety policy and staff training programs are designed to keep ESS personnel healthy, productive, and at the top of the equipment service professions. Equipment Sales & Service Limited is a 2025 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for thirteen consecutive years. Photos accompanying this announcement are available at
Yahoo
a day ago
- Business
- Yahoo
Equipment Sales & Service Limited Expands Toronto Service Shop to Serve GTA and Surrounding Region
TORONTO, July 28, 2025 (GLOBE NEWSWIRE) -- Equipment Sales & Service Limited is pleased to announce the expansion of its Toronto service shop to effectively cater to the growing needs of the Greater Toronto Area (GTA) and the surrounding regions. Facility Video Link: expanded service shop boasts state-of-the-art facilities and equipment, including: 2x 25-tonne overhead cranes Tandem lift capacity up to 50 tonnes A maximum hook height of 25 feet 20' oversized doors 100' drive through bays Capacity up to 100-tonne trucks, 125-tonne excavators, and 300-tonne mobile cranes Heated covered wash bay 400-tonne track press with two Undercarriage production lines Capacity for D3 to D11/D475 track assemblies (servicing all makes all models) Morgan Cronin, President & CEO of ESS, expressed, "The expansion of our Toronto service shop marks a significant step forward for ESS as we continue to enhance our infrastructure and capabilities. We are dedicated to upholding the highest standards of quality, and the expansion underscores our ongoing commitment to providing top-tier equipment sales and services." Executive Co-Chairman Peter M. Willis added, "Our expanded Toronto service shop is a testament to ESS's dedication to customer-centric service. The enhancements in this facility further empower us to deliver comprehensive support and services to our customers, reinforcing our position as a trusted value-added partner." About Equipment Sales & Service Limited ( Equipment Sales & Service Limited was founded in 1946, ranking it with Canada's oldest and most established equipment companies. Now in our third generation as a private family-owned business, ESS retains the flexibility to respond to customer needs quickly and to keep pace with our rapidly changing global economy. ESS takes pride in delivering a personal standard of service to customers based on our traditional values of hard work, integrity, and shared responsibility. In addition to our sales of heavy equipment, ESS is one of Canada's largest national service providers, supporting all makes of machinery with factory-trained service technicians and the nation's largest inventory of OEM, wear parts, and aftermarket parts. Our commitment to customer service is matched by our commitment to ESS employees. Our safety policy and staff training programs are designed to keep ESS personnel healthy, productive, and at the top of the equipment service professions. Equipment Sales & Service Limited is a 2025 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for thirteen consecutive years. Photos accompanying this announcement are available at CONTACT: For media inquiries or further details, please contact: Jodie Willis Chief Marketing Officer jwillis@ 416-249-8141Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Korea Herald
5 days ago
- Automotive
- Korea Herald
LG Energy Solution posts 152% growth in profit on upbeat US sales
LG Energy Solution said Friday its operating profit in the second quarter surged 152 percent on-year to 492.2 billion won (357 million), predominantly led by stable demand for electric vehicles and energy storage systems in the North American market. According to the company's earnings report, it achieved profitability for the first time in six quarters, excluding financial benefits from the Advanced Manufacturing Production Credit under the US Inflation Reduction Act (IRA). However, sales revenue declined by 9.7 percent, amounting to 5.6 trillion won. This decline was primarily due to decreased purchases from automakers outside of North America, resulting from increased policy volatility, particularly concerning US tariffs. 'As North America and Europe both focus on expanding their domestic battery supply chains and domestic production, preference for battery companies capable of local supply and stable operations — such as LG Energy Solution — is expected to increase significantly,' said Kim Chang-sil, chief financial officer of LG Energy Solution, during a conference call earlier in the day. Highlighting its first-mover initiative in establishing the first ESS battery production site in North America, Kim noted that the company looks to offset the slowdown in EV battery sales with ESS products. This focus is on the fast-growing North American power grid market, with an emphasis on artificial intelligence data centers. In May, LG Energy Solution began mass production of LFP-based long pouch cells for ESS at its Michigan facility in the US. It has secured orders exceeding 50 gigawatt-hours from global energy firms, with joint ventures with global carmakers prioritizing a portion of their capacity for ESS supply. Aiming to reach 17 gigawatt-hours capacity by the end of this year, the battery-maker will expand to 30 gigawatt-hours by 2026 by converting EV production lines to ESS lines. Addressing the enactment of the One Big Beautiful Bills Act by the Trump administration earlier this month, LG Energy Solution believes that the North American EV market may experience a temporary demand slowdown. However, the new 'prohibited foreign entity' regulations, which restrict energy companies influenced by Chinese firms from receiving tax credits when investing in the US, could partly benefit the company. 'The new PFE procurement requirements are more relaxed than the foreign entity of concern requirements under the IRA, offering an opportunity to optimize our US supply chain,' said Lee Yeon-hee, head of the business strategy division at LG Energy Solution. 'A certain percentage can be sourced from PFEs, and as PFE restrictions are limited to direct material costs, we can leverage more cost-effective supply chains for some materials.' LG Energy Solution also plans to accelerate the launch of battery cells for rapidly emerging low-cost EVs. To target the expanding European market for mid- to low-priced EVs, the company is preparing to mass-produce high-voltage mid-nickel and lithium iron phosphate cells at its Poland plant. Notably, LFP products are set to boost cost-competitiveness by incorporating advanced manufacturing methods, including a solvent-free dry electrode process and fast-charging technologies. For the North American market, LG Energy Solution is collaborating with General Motors to develop lithium manganese-rich prismatic cells for their next-generation EVs in 2028. These products offer similar costs to LFP while delivering over 30 percent higher energy density. Upon reaching mass production, the LMR batteries are being reviewed for the phase 2 joint venture in Tennessee. The existing nickel, manganese and cobalt batteries will be exclusively manufactured in the phase 1 joint venture in Ohio.
Reuters
5 days ago
- Automotive
- Reuters
LG Energy Solution warns of slowing EV battery demand due to U.S. tariffs, policy headwinds
SEOUL, July 25 (Reuters) - South Korean battery firm LG Energy Solution ( opens new tab warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump. Its major customers Tesla TSLA.O and General Motors GM.N warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30. "U.S. tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. However, LGES said it expected to improve profits in the second half by boosting production of batteries for energy storage systems (ESS) to offset the sluggish EV demand, while cutting or delaying investment plans. LGES is one of the few U.S. producers of LFP batteries, a battery chemistry long dominated by Chinese rivals. The company said it is considering converting some EV battery production lines in the United States to cater to ESS in response to slowing EV demand. It started production of LFP batteries at its Michigan factory in May, and aims to increase production capacity of ESS batteries to over 30 gigawatt hours (GWh) by next year, up a projected 17 GWh this year. "When LGES operates the plant at full capacity, it could generate subsidies for nearly 2 trillion won ($1.5 billion) ... unlike EV batteries, ESS involves selling full systems rather than just battery cells, which drives up average selling prices and margins," said Kang Dong-jin, an analyst at Hyundai Motor Securities. Kang added that LGES currently stands as the only player in the U.S. market capable of supplying LFP-based ESS, giving it an advantage with virtually no competition. LGES said its operating profit more than doubled in the second quarter, thanks to U.S. subsidies on battery production and stockpiling by some customers there ahead of potential tariffs. It reported an operating profit of 492 billion won ($358.73 million) for the April to June period, versus a profit of 195 billion won a year earlier. LGES would have made a 1.4-billion-won operating profit excluding a tax credit it received under the U.S. Inflation Reduction Act, LGES said in a regulatory filing. LGES shares were trading down 1.6% after the earnings announcement in morning trade, versus benchmark KOSPI's (.KS11), opens new tab 0.3% rise. ($1 = 1,377.6000 won)
CNA
5 days ago
- Automotive
- CNA
LG Energy Solution warns of slowing EV battery demand due to US tariffs, policy headwinds
SEOUL :South Korean battery firm LG Energy Solution warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump. Its major customers Tesla and General Motors warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30. "U.S. tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. However, LGES said it expected to improve profits in the second half by boosting production of batteries for energy storage systems (ESS) to offset the sluggish EV demand, while cutting or delaying investment plans. LGES is one of the few U.S. producers of LFP batteries, a battery chemistry long dominated by Chinese rivals. The company said it is considering converting some EV battery production lines in the United States to cater to ESS in response to slowing EV demand. It started production of LFP batteries at its Michigan factory in May, and aims to increase production capacity of ESS batteries to over 30 gigawatt hours (GWh) by next year, up a projected 17 GWh this year. "When LGES operates the plant at full capacity, it could generate subsidies for nearly 2 trillion won ($1.5 billion) ... unlike EV batteries, ESS involves selling full systems rather than just battery cells, which drives up average selling prices and margins," said Kang Dong-jin, an analyst at Hyundai Motor Securities. Kang added that LGES currently stands as the only player in the U.S. market capable of supplying LFP-based ESS, giving it an advantage with virtually no competition. LGES said its operating profit more than doubled in the second quarter, thanks to U.S. subsidies on battery production and stockpiling by some customers there ahead of potential tariffs. It reported an operating profit of 492 billion won ($358.73 million) for the April to June period, versus a profit of 195 billion won a year earlier. LGES would have made a 1.4-billion-won operating profit excluding a tax credit it received under the U.S. Inflation Reduction Act, LGES said in a regulatory filing. LGES shares were trading down 1.6 per cent after the earnings announcement in morning trade, versus benchmark KOSPI's 0.3 per cent rise.
