Priority Application of Power Electronics PCS
Expansion to Joint Development of Power Equipment
Company with 60% Market Share in North America
LS Electric is set to accelerate its entry into the North American power market in partnership with the region's leading renewable energy solutions provider.
On June 12, LS Electric announced that it had recently signed a memorandum of understanding (MOU) with Power Electronics at the company's headquarters in Valencia, Spain, to cooperate in the supply of power equipment, including global ESS (energy storage system)-dedicated transformers.
The signing ceremony was attended by Gu Ja-kyun, chairman of LS Electric, Kim Jongwoo, president of LS Electric, David Salvo, CEO of Power Electronics, and Lalo Salvo, vice president of Power Electronics, as well as other officials from both companies. The participants discussed response strategies to address changes in global power industry trends and the expansion of the renewable energy market.
Power Electronics, founded in 1987 and headquartered in Valencia, Spain, specializes in power conversion systems (PCS). Its main products include large-capacity solar inverters and PCS, as well as rapid electric vehicle chargers. The company holds the top market share in the renewable energy sector in regions such as North America, Europe, and Australia, having completed approximately 2,800 solar projects and 315 ESS projects, with cumulative PCS installations exceeding 120 GW. In particular, its North American market share stands at around 60%.
Gu Ja-kyun, chairman of LS Electric (right), and David Salvo, CEO of Power Electronics (left), pose for a commemorative photo after signing a memorandum of understanding (MOU). LS Electric.
LS Electric plans to enhance its competitiveness in securing projects by prioritizing the application of Power Electronics' large-capacity PCS in ESS projects being pursued in North America, Asia, and other regions. Power Electronics, in turn, intends to expand the use of LS Electric's power solutions, including distribution transformers, in its future renewable energy projects.
Additionally, LS Electric aims to accelerate its efforts to penetrate the global renewable energy market by jointly developing power equipment such as distribution transformers customized for large-capacity PCS. An LS Electric representative stated, "At this inflection point in the power market, characterized by the energy transition, we expect to further strengthen our business competitiveness by enhancing partnerships with global players," adding, "We will actively pursue business development and other initiatives in rapidly expanding renewable energy markets such as North America and Europe to achieve tangible results."
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