Seoul: LS Electric Co., a South Korean electric equipment manufacturer, has announced a strategic partnership with Spanish inverter manufacturer Power Electronics to enhance its presence in the global energy storage system (ESS) market.

According to Yonhap News Agency, the two companies have recently signed a memorandum of understanding (MOU) aimed at integrating Power Electronics' power conversion systems (PCSs) into LS Electric's ESS products. This collaboration is expected to target key markets in North America and Asia. In exchange, Power Electronics will leverage LS Electric's power solutions, including distribution transformers, in its upcoming renewable energy projects.

The partnership also focuses on jointly developing a distribution transformer equipped with a large-scale PCS and exploring new business opportunities within renewable energy markets. LS Electric has set a target to generate 70 percent of its total sales from international markets by 2030, a significant increase from the current 50 percent. In the previous year, the company's sales grew by 7.6 percent, reaching 4.55 trillion won (US$3.18 billion).

LS Electric operates multiple manufacturing plants, with four located in South Korea and five overseas-two in China, two in the United States, and one in Vietnam. Notably, one of its U.S. plants is situated in Utah. As an affiliate of LS Group, a South Korean conglomerate specializing in power cables and electric equipment, LS Electric continues to expand its global footprint in the renewable energy sector.