LSIS, a leading Korean electrical components manufacturer, said Monday it is seeking to enter the U.S. energy storage system market, having secured the world’s first certification for its one-megawatt ESS from UL, a U.S.-based global certification company.
“The UL-certified ESS will enable our company to compete with other global rivals in the fast-growing market in the U.S.,’’ said Kim Won-il, head of the power grid business division at LSIS.
World’s first UL-certified one-megawatt energy storage system made by LSIS (LSIS)
The company estimates that the ESS market in the U.S. could expand to 5.6 trillion won ($4.87 billion) by 2024 from the current $275 million.
It added that the market size of ESS, whose main customers are large-scale power generators, is expected to further grow when households and commercial buildings adopt the energy-efficient system.
By Hong Sung-pyo (
hong1@heraldcorp.com)