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LS Electric joins hands with Spanish firm to win global ESS deals

Published: 12 Jun. 2025, 12:27

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. [LS ELECTRIC]

LS Electric, a Korean electric equipment maker, said Thursday it has partnered with Spanish inverter manufacturer Power Electronics to expand its energy storage system (ESS) business in global markets.

The company said it recently signed a memorandum of understanding (MOU) with Power Electronics, a major renewable energy solutions provider in the U.S. market, to integrate the Spanish firm's power conversion systems (PCSs) into its ESS products.

Under the MOU, LS Electric plans to use Power Electronics' PCSs in its ESS products for sale in North America and Asia, according to a company press release.

In return, Power Electronics will utilize LS Electric's power solutions, including distribution transformers, in its future renewable energy projects.

The two companies also plan to jointly develop a distribution transformer equipped with a large-scale PCS and explore new business opportunities in renewable energy markets.

LS Electric aims to generate 70 percent of its total sales from overseas markets by 2030, up from the current 50 percent. Last year, its sales rose 7.6 percent on year to 4.55 trillion won ($3.18 billion).

LS Electric currently operates four plants in Korea and five overseas — two in China, two in the United States and one in Vietnam. One of its U.S. plants is located in Utah.

LS Electric is an affiliate of LS Group, a Korean conglomerate specializing in power cables and electric equipment.

Yonhap