LS Electric, 700 Million Dollar Export Tower on Trade Day... "Expanding North America Business"

60th Trade Day Event Honors $700 Million Export Tower
"Expansion of North American Power Transmission and Distribution System Business"

LS Electric announced on the 5th that it received the 700 million USD Export Tower award at the 60th Trade Day event hosted by the Korea International Trade Association held at COEX in Samseong-dong, Gangnam-gu, Seoul. From July 1 of last year to June 30 of this year, the company earned 767.06 million USD (approximately 1.0124 trillion KRW) in overseas sales. The Export Tower is awarded when a corporation breaks its export record within a year. In the case of LS Electric, since it had never recorded 700 million USD in annual exports before, it received the 700 million USD Export Tower this time by setting the new record. After receiving the 200 million USD Export Tower in 2005, the 300 million USD in 2007, and the 500 million USD in 2013, this is the fourth time in 10 years that the company has been honored with the award.

The company explained that exports increased due to winning orders for power transmission and distribution in North America, the world's largest market, as well as growth in existing markets such as Southeast Asia and China. They implemented a local customer-tailored strategy centered on their main market, Vietnam. Efforts to pioneer huge emerging markets such as North America and the Middle East were also carried out simultaneously. A company official said, "We are making our presence felt in the North American market, where investments have increased following the Inflation Reduction Act (IRA)."

Gu Ja-gyun, Chairman of LS ELECTRIC. LG Electric received the '700 Million Dollar Export Tower' award at the 60th Trade Day event hosted by the Korea International Trade Association, held on the 5th at COEX in Samseong-dong, Gangnam-gu, Seoul.
[Photo by LS Electric]

Recently, LS Electric signed a contract to supply power equipment to the Hyundai Motor-LG Energy Solution joint venture (JV) battery factory in Savannah, Georgia, USA. They will provide power distribution panels and automatic control systems within the factory by the fourth quarter of next year. The joint venture factory has an annual production capacity of 30 GWh (gigawatt-hours). The company has also signed contracts to supply power equipment to Hyundai Motor's Savannah electric vehicle-only factory and the Hyundai Motor-SK On joint venture battery factory. The order backlog has exceeded approximately 2.3 trillion KRW.

The company explained that inquiries for power equipment and other facilities orders are coming from domestic electric vehicle and battery factories in the United States. They are expanding the proportion of orders from local companies as well as investments in manufacturing facilities by Korean large corporations. They are establishing their first production base in Texas. In July, they purchased 46,000 square meters of land and auxiliary facilities in Bastrop, Texas, and plan to renovate buildings on the land to build production facilities. By the end of the year, personnel for research and development (R&D) and after-sales service (AS) will be stationed there to respond to customer demands.

An LS Electric official said, "We will focus the company's full capabilities on expanding exports to receive the 1 billion USD Export Tower and firmly establish ourselves as a national representative smart energy company."