LS Cable Chairman and CEO Koo Ja-kyun, right, and Power Electronics CEO David Salvo pose for a photo after signing an MOU for a business partnership in the renewable energy sector at the Spanish company's headquarters in Barcelona on June 6.
Power Electronics, known for its renewable energy solutions and strong presence in the U.S. market, will supply power conversion systems (PCSs) to be integrated into LS Electric’s ESS products. These products are expected to be marketed primarily in North America and Asia, according to LS Electric’s official statement.
In return, Power Electronics will adopt LS Electric’s power-related solutions, including distribution transformers, for use in upcoming renewable energy projects. The agreement outlines collaboration between the two companies in jointly developing a distribution transformer embedded with a large-scale PCS.
The partnership also includes plans to identify and pursue new business opportunities within the growing renewable energy sector.
LS Electric has set a strategic target to expand its overseas revenue, aiming for 70 percent of its total sales to come from international markets by 2030. Currently, overseas sales account for 50 percent of its business. In 2023, the company reported a 7.6 percent year-on-year increase in revenue, totaling 4.55 trillion won, approximately $3.18 billion.
The company currently operates nine manufacturing plants globally, including four in South Korea and five abroad. Its overseas operations include two facilities in China, two in the United States—including one located in Utah—and one in Vietnam.
LS Electric is part of LS Group, a Korean industrial group focused on electric equipment and power cable solutions. Through this collaboration with Power Electronics, LS Electric seeks to enhance its competitiveness in the ESS market and contribute to the advancement of renewable energy infrastructure in its target regions.
By combining LS Electric’s product capabilities with Power Electronics’ PCS technology, both companies aim to provide integrated solutions that can meet the growing demand for efficient and scalable energy storage systems worldwide.
