LS Group Strengthens Global Market... Focus on Superconducting Cables and ICT Solutions

[Asia Economy Reporter Dongwoo Lee] As LS Group sets strengthening its global market presence as a core goal this year, its major affiliates are focusing their capabilities on overseas business.

According to industry sources on the 25th, LS Cable & System announced the ‘2030 Global Vision’ earlier this year, emphasizing balanced global growth, and is accelerating its overseas expansion into the US, Vietnam, Poland, Myanmar, and other countries through world-class technology in ultra-high voltage, submarine, and superconducting cables.

At the end of last year, LS Cable & System succeeded in commercializing superconducting cables with electrical resistance close to ‘0’, resulting in almost no electrical loss during transmission, for the first time in the world. The company installed superconducting cables over a 1 km section between Heungdeok Substation and Singal Substation in Yongin City, Gyeonggi Province, in cooperation with Korea Electric Power Corporation (KEPCO), and began commercial operation.

Superconducting cable technology is held by five companies in Europe, Japan, and the US, including LS Cable & System. However, LS Cable & System is the first to succeed in commercialization. The company succeeded in developing superconducting cables as the fourth in the world in 2004 and completed the world’s first demonstration of an 80 kV DC-class superconducting cable in 2015.

Thus, LS Cable & System uniquely possesses both direct current (DC) and alternating current (AC) technologies worldwide. The company plans to actively enter overseas markets from this year in cooperation with KEPCO.

LS Industrial Systems is strengthening its microgrid business, a next-generation power grid that enables small regions to be self-sufficient in power, by applying information and communication technology (ICT) to its secured technologies in power and automation fields to create converged smart solutions.

LS Industrial Systems was also selected as the project operator for a 93 MW-class ESS-linked solar power generation project in Yeongam County, Jeollanam-do. This is an EPC contract worth 184.8 billion KRW.

Previously, in 2018, LS Industrial Systems acquired the EGT division of Parker Hannifin, the largest industrial energy storage system (ESS) company in North America. This division operates under LS Energy Solutions, a subsidiary of LS Industrial Systems’ North American branch.

LS Group Chairman Koo Ja-yeol stated in this year’s New Year’s address, “We will thoroughly localize the organization and workforce of our global business and improve operational efficiency in overseas business.”