LS Electric, a Korean producer of power solutions, announced Thursday that it signed a memorandum of understanding with Power Electrics, a specialist in power conversion systems, ramping its efforts to penetrate the North American power market.
The agreement was signed at Power Electronics’ headquarters in Valencia, Spain, and marks a strategic collaboration focused on the supply of key power equipment, including transformers for energy storage systems. Executives from both companies, including LS Electric Chairman Koo Ja-kyun and Power Electronics CEO David Salvo, attended the signing ceremony.
Power Electronics is recognized as a global leader in the renewable energy sector, particularly in North America, where it holds around 60 percent market share in PCS for solar and ESS projects. With over 2,800 solar and 315 ESS projects under its belt, the company has surpassed 120 gigawatt-hours in cumulative PCS installations worldwide.
Under the agreement, LS Electric will prioritize Power Electronics’ high-capacity PCS in its ESS projects across North America and Asia. In return, Power Electronics will expand the use of LS Electric’s advanced distribution transformers and other power solutions in its renewable energy initiatives.
“Amid the turning point of power market trends driven by the energy transition, we expect to significantly upgrade our business competitiveness by strengthening partnerships with global top players,” a company representative stated. “We will actively pursue business development in rapidly growing renewable energy markets such as North America and Europe to achieve visible outcomes.”
hyelimchung@heraldcorp.com
