Investment in 500MW-Class US Project Joint Venture
Expanding Solution Sales in North America through 'Business Localization'
LS Electric is strengthening its dominance in the North American energy market by establishing a joint venture with Samsung C&T.
On the 26th, LS Electric announced that it has completed the establishment of a joint venture with Samsung C&T’s trading division to promote a US energy storage system (BESS) project and will officially launch new energy businesses locally.
Recently, LS Electric established the joint venture EnerCrest through an investment by its North American investment corporation LSE Investment, to advance a 500-megawatt (MW) BESS project being developed by Samsung C&T Renewables, the renewable energy development US subsidiary of Samsung C&T’s trading division. The 500MW capacity is enough to power 100,000 American households annually.
After completing corporate registration in Delaware, USA, in November last year, LSE Investment began its first investment in EnerCrest and is expanding its new energy business locally.
Through EnerCrest, LS Electric will jointly carry out Samsung C&T’s BESS project currently in the development stage. By maximizing business value through cooperation between the two companies and expanding the ESS front from Japan and Europe to North America, LS Electric aims to become a global comprehensive ESS solution specialist.
The US power infrastructure market is experiencing a supercycle due to the surge in power demand from artificial intelligence (AI) data centers and the aging of transmission, substation, and distribution facilities. LS Electric plans to accelerate localization of its US business by capturing stable grid connection demand driven by the expansion of renewable energy.
An LS Electric official said, "Our primary goal is to successfully complete the BESS project based on the technological and development expertise of both companies," adding, "Through LSE Investment, we will discover various businesses and expand investments in North America to firmly establish ourselves in the new energy business market."
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