By Greentech Lead
Team:LSIS, a Korean manufacturer of electrical components,
announced the expansion of its smart grids business globally. LSIS is focusing
in smart grid projects like Solar transmission, radio frequency identification
(RFID) and components for electric vehicles compose. These four categories help
LSIS see a vertical integration of the company’s initiatives for smart grids.
“For LSIS, smart grids aren’t wholly new because they
have been around for a while. What’s new is our strengthened consciousness to
use energy efficiently and cleanly,” said CEO Koo Ja-kyun.
LSIS’ advanced smart grid systems are helping it to
strengthen its client base, which is seemingly an impressive signal for the
Smart grid systems are made possible by two-way communication technology and
computer processing. They are beginning to be used in electricity networks,
from power plants and wind farms all the way to consumers of electricity in
homes and businesses.
LSIS recently entered in to a business partnership in
various smart grid-related projects with steel giant POSCO ICT. With this
partnership LSIS will share its smart grid technology with POSCO ICT. The
collaboration allows both companies to expand smart grid businesses and LSIS is
aiming to become a total solutions provider in smart grids.
LSIS is aiming to create 4.5 trillion in sales and 700 billion in operating
profit by 2015 and the target reflects increases of 300 percent and 630 percent
hike from last year, respectively.
Solar and high voltage direct current (HVDC) transmission
systems are two sectors putting the firm’s smart grid systems on the right
track. The HVDC transmission system is another field that LSIS is steadily
increasing its investment to form an “integrated eco-system.’’
LSIS has engaged in the solar business since 1986. The company developed its
own inverters and installed in-house solar power systems at Incheon
International Airport, a first for a Korean company. LSIS reaped 60 billion by
selling 6,000 sets of its 4-kilowatt solar systems to be used in Japanese
Since 2010, the company has been operating a cutting-edge
transmission plant in Korea’s southern port city of Busan and opened its first
HVDC plant there.
The company admits that more work and investment could be needed to better
penetrate into the global HVDC market.
“It’s crucial for LSIS to boost its capability for HVDC
as having enhanced electricity systems is required to back up power-intensive
smart grid projects,” added Koo.
LSIS is targeting to create 1.75 trillion won in revenue from the HVDC business
by the end of 2019.
Recently, LSIS signed
a $91.8 million deal to supply and install 35 power substations in various
parts of Iraq.