LSIS undertakes EGT business from Parker Hannifin
LSIS undertakes EGT business from Parker Hannifin
  • Lee Jun-sung
  • 승인 2018.12.06 12:06
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LSIS Chairman Koo Ja-kyun says, 'We will become a leader in the global ESS market'
(From left) Parker Hannifin Vice President Paul Horvat, LS Energy Solutions President Jim Hoelscher and Oh Jae-seok, executive vice president of LSIS Power Solution Business Group, take photos after signing the contract at LS Energy Solutions in Charlottesville, North Carolina. (LSIS)

LSIS will actively advance into the global smart energy market by undertaking the EGT (Energy Grid Tie) business of Parker Hannifin, the North America's largest company in the energy storage system (ESS) field.

LSIS said on Dec. 5 that it has signed a contract to purchase all assets, including production facilities and personnel, of the EGT business to strengthen its competitive edge in the global ESS market, launching LS Energy Solutions, its North American subsidiary.

Parker Hannifin's EGT Business Department started its ESS business in 2007 and reportedly secured major technical skills such as the global level ESS system and PCS design, manufacture, and service.

Based on this development, it quickly entered global markets such as Europe, Latin America, Australia, and Southeast Asia with North America at the center, and has become the biggest ESS supplier in North America with its accumulated supply performance surpassing 400MW (PCS basis).

With the acquisition, LSIS has launched LS Energy Solutions in Charlotte, North Carolina in the form of a subsidiary affiliated with the North American Corporation.

As a result, LSIS is expected to expand global markets by strengthening its capabilities in the smart energy businesses, including the ESS.

"With the acquisition, LSIS has secured a foundation for global market penetration. Our long-term goal is to become a global player that will not only lead the market but also lead the future industry trends through preemptive investment," said Koo Ja-kyun, Chairman & CEO of LSIS.

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