LS ELECTRIC Accelerates Strategy to Penetrate World's Largest North American ESS Market

LS ELECTRIC participated in 'RE+ (Renewable Energy Plus) 2024,' held from September 10 to 12 at the Anaheim Convention Center in California. The photo shows an LS ELECTRIC representative introducing ultra-high voltage transformers to customers. / Courtesy of LS ELECTRIC

LS ELECTRIC is showcasing world-class renewable energy strategic solutions, including next-generation Energy Storage Systems (ESS), at North America's largest renewable energy exhibition as it expands its presence in the local market.

LS ELECTRIC announced that it will participate in 'RE+ (Renewable Energy Plus) 2024' from September 10 to 12 at the Anaheim Convention Center in California, under the main theme 'LS ELECTRIC, Transforming the Future of Power Energy.'

Occupying a 15-booth (135 sqm) exhibition space, LS ELECTRIC presents a power system spanning renewable energy generation, transmission, and ESS-linked distribution. The exhibit is divided into three main themes: next-generation ESS, smart distribution solutions, and ultra-high voltage transformers, allowing local customers to directly experience their products and solutions.

The company prominently features its next-generation ESS platform, developed to conquer the global ESS market.

This next-generation ESS platform is a proprietary product, leveraging core technology in power conversion and industry-leading manufacturing capabilities from the power electronics-based industrial drive (inverter) sector designed to reduce energy consumption via motor control speed. Notably, the Power Electronic Building Block (PEBB), a key component of power conversion, is modularized in 200kW units capable of smart independent operation.

LS ELECTRIC plans to aggressively target the global market, focusing on the U.S., Europe, and Japan, leveraging its next-generation ESS and overseas business capabilities.

The U.S. ESS market is rapidly growing due to supportive policies, like tax credits covering 30-40% of costs for companies installing new ESS, as per the Inflation Reduction Act (IRA). According to the U.S. Energy Information Administration (EIA), the U.S. is expected to lead global ESS installations with 4.2GWh in the first half of 2024. Wood Mackenzie, a global market research firm, anticipates cumulative ESS installation capacity in the U.S. to reach 600GWh by 2031.

During this period, new renewable energy installations in the U.S. are projected to be 12GW in solar and 2.5GW in wind. The essential demand for ESS, which addresses the intermittency weak point of renewable energy, is expected to expand significantly. The industry anticipates that ESS installations will grow more than threefold in the second half of this year to 15GWh compared to the first half.

An LS ELECTRIC representative stated, "We have unveiled a substantial lineup of tailored solutions for local customers, including world-class next-generation ESS and AI-based eco-friendly strategic products. We are accelerating the expansion of our presence in the rapidly growing U.S. power market, leveraging enhanced brand recognition and overwhelming smart energy technological competitiveness."

To strengthen its U.S. ESS business, LS ELECTRIC acquired the ESS division of Parker Hannifin in 2018 and established LS Energy Solutions. The company has successfully completed approximately 300 projects locally, with an accumulated installation capacity reaching 1.5GW.

* Source : www.koreaittimes.com