LSIS acquisition creates LS Energy Solutions
Korea-based LSIS announced Tuesday the acquisition of the Energy Grid Tie (EGT) Division of Parker-Hannifin, creating a new company, LS Energy Solutions.
LSIS is an electric power system, automation and green technology firm that operated under the name of LG Industrial Systems until LS Group was separated from LG Group in 2005.
“With the rapid transformation of the energy landscape, including extensive deployment of renewable power sources and microgrids, the need for flexible and cost-effective Energy Storage Solutions will continue to grow,” Jim Hoelscher, president of LS Energy Solutions, said. “Combining our PCS and system integration capabilities with LSIS’s full line of electric power products like switchgear, circuit breakers and contactors will make us a competitive one-stop shop for energy storage offerings for both behind and in front of the power meter.”
Jae-seok Oh leads the LSIS Power Solution Business Group.
“We have always been very impressed with what Parker EGT Division has done as a pioneer in energy storage, and we are excited to make them part of the LSIS family,” he said. “With energy storage being a key strategic focus for us, we will continue to expand in R&D and testing facilities to support development that can help our customers realize more reliable and cost-efficient advanced energy storage solutions.”
LS Energy Solutions officials said the company would remain committed to its valued partners and customers while continually focusing on Energy Storage solutions for utility-scale applications and behind-the-meter applications.
