The LS Group has turned to exploring new growth engine industries such as the smart grid and electric vehicles that will drive the business group down the road.
The conglomerate recognizes that now is the right time to do so since new technologies based on the green and smart grid industries have evolved at a fast pace and the industrial environment has been undergoing a paradigm shift with the creation of emerging markets.
It has set its top three management tenets °™ green, going global, and partnership °™ and has decided to share them among subsidiaries and concentrate their capacities in order to have synergetic effects.
LS, which enjoys the nation’s highest competitive edge in each sector, does not rest on its laurels, but it is seeking to expand its business environs abroad. In particular, the business group has decided to lay a solid business portfolio foundation in terms of quantity and quality by exploring related and new business arenas on a constant basis.
To this end, the conglomerate is focusing its resources on building new businesses, investing in R&D equipment, and constructing global networks. LS plans to conduct continuous investment and research activities in new growth engine sectors such as smart grid, new and renewable energy, and EV parts and recycling, which the business group has designated as future growth engines.
LS Cable & System has been test-operating the 22.9kV superconductivity distribution cable system at the Icheon Substation in Gyeonggi Province since late 2010, which will act as the backbone of the smart grid.
The company is poised to supply superconducting wires for the world’s first superconductivity project, dubbed the “Tres Amigas Superstation” in the United States.
It plans to put forward its fullest efforts to complete an undersea cable linking Jeju and Jido Island. LS Cable & System is proactively working on the exploration of foreign markets after winning an undersea cable project connecting Haenam and Shinan and a project to build a wind power complex in Weoljeong-ni, Jeju.
LSIS is a leader of the government-initiated smart grid project and the company is participating in smart homes & buildings, EV charging stations, and the new & renewable energy sectors at the Jeju Smart Grid Test-bed. LSIS is spearheading not only the green business sector of the LS Business Group, but also the nation’s green growth sector.
LSIS plans to expand its business environs to new businesses such as green car solutions, electricity semiconductors, RFIDs, and LEDs. The company, which has dedicated a state-of-the-art high voltage direct current transmission system (HVDC) plant, plans to make inroads into foreign markets.
In particular, LSIS has made a strong showing in the Iraqi power cable market as the Korean cable maker has been awarded the initial 70 substations construction project in Iraq, outbidding global players. The project is part of the Iraqi Ministry of Electricity’s (MOE) plan to construct a total of 100 33kV substations.
IRAQI ELECTRICITY VICE MINISTER TOURS KOREAN POWER SOLUTION PRODUCTION FACILITIES
LSIS Vice President Koo Ja-kyun hosted the Iraqi MOE delegation to Korea, which was led by MOE Vice Minister Amer Abdulmajeed from March 25-30, and reassured them of the successful implementation of the project after LSIS won the $207 million substations project.
LSIS also introduced the Iraqi delegation to LSIS’s major plants and the Jeju Smart Grid Test-bed.
LSIS Vice Chairman Koo reassured the delegation of his commitment to consolidate mutual cooperation after expressing his thanks to Iraq’s evaluation of LSIS’s technological prowess in comparison with those of the existing major European companies, considering that LSIS entered into such a foreign market for the first time, when awarding LSIS with the project to build 70 substations as the first-phase of the project to build 100 substations.
LSIS Vice Chairman Koo said, “I sincerely thank you for visiting Korea, which is far away from your country, on the grounds that LSIS was selected as the partner firm for the Iraqi substations project. We will successfully finish this project, and we will play a pivotal role in carrying out the Iraqi power infrastructure project responsibly.”
Vice Minister of Electricity Amer AbdulMajeed replied, “I am truly delighted that an outstanding Korean company like LSIS won the power infrastructure project, which is a core project of Iraqi reco-nstruction.” He added, “I expect various solutions that LSIS possesses can be introduced to Iraq, as well as LSIS’s power system.”