LS ELECTRIC announced on the 12th that it has signed a memorandum of understanding (MOU) with Power Electronics of Spain regarding collaboration on the supply of power equipment such as transformers exclusive to global energy storage systems (ESS). This is seen as a response strategy to the changing trends in the global power industry and the expansion of the renewable energy market.

Koo Ja-kyun (right), chairman of LS ELECTRIC, and David Salvo (left), CEO of Power Electronics, are taking a commemorative photo after signing a memorandum of understanding for renewable business cooperation at the headquarters of Power Electronics located in Valencia, Spain./Courtesy of LS ELECTRIC

Through this MOU, LS ELECTRIC plans to strengthen its competitiveness in project bidding. It will prioritize the application of Power Electronics' power conversion systems (PCS) in ESS projects being pursued in regions such as North America and Asia. Power Electronics, a company specializing in power conversion systems, primarily manufactures large-scale solar inverters, PCS, and fast electric vehicle chargers. It holds the top market share in the renewable energy sector, including 60% in North America, as well as in Europe and Australia.

A representative from LS ELECTRIC noted, "We will not only enhance project competitiveness but also accelerate our strategy in the global renewable energy market through joint development of customized distribution transformers and large-scale power conversion systems." LS ELECTRIC established its subsidiary in Spain in 2022 in Madrid.