LS ELECTRIC has recently strengthened its efforts to expand into the North American power market through a strategic alliance with a leading global renewable energy solutions provider. On June 12, LS ELECTRIC announced the signing of a Memorandum of Understanding (MOU) with Power Electronics, based in Valencia, Spain, to collaborate on supplying power equipment, including energy storage system (ESS) transformers.
The signing ceremony was attended by GS Gu, Chairman of LS ELECTRIC, and Kim Jong-woo, CEO of LS ELECTRIC, along with David Salvo, CEO of Power Electronics, and Lalo Salvo, Vice President of Power Electronics. The executives discussed strategies to respond to shifts in the global power industry and the expansion of the renewable energy market.
Founded in 1987, Power Electronics specializes in power conversion devices (PCS) and is headquartered in Valencia. Its main products include large-capacity solar inverters, PCS units, and rapid EV chargers. As a leading company in the global renewable energy market, Power Electronics has executed approximately 2,800 solar projects and 315 ESS projects worldwide, with a total PCS installation capacity surpassing 120GW. Notably, it holds around 60% of the market share in North America.
LS ELECTRIC plans to initially apply Power Electronics’ high-capacity PCS to ESS projects across North America and Asia to enhance project competitiveness. Furthermore, the company aims to expand the application of LS ELECTRIC’s top-tier power solutions, including distribution transformers, in future renewable energy ventures.
Through this partnership, LS ELECTRIC aims to significantly boost its project competitiveness and strengthen its position in the global renewable energy market by jointly developing large-capacity power conversion devices and distribution transformers.
An LS ELECTRIC spokesperson stated, “In this era of energy transition marking a turning point in the power industry, we will enhance our competitiveness by strengthening partnerships with top-tier global players.” The company also expressed its intention to pursue active project development, focusing on rapidly growing renewable energy markets in North America and Europe, and to achieve tangible results.
