April 26, 2024

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[THE INVESTOR] LS Industrial Systems, a South Korean manufacturer of electric and automation equipment, has completed the installation of an energy storage system at its solar power plant in Cheongju, North Chungcheong Province, eyeing a future in renewable energy. 

The company has started generating electricity from solar panels and supplying power by connecting a 1 megawatt power conditioning system for energy storage use and a battery with 1 megawatt-hour storage capacity to a 2 megawatt photovoltaic system, it said in a statement on July 4.

 

A LS Industrial Systems engineer checks on the power conditioning system that charges, supplies and converts power generated from a solar power system at the company’s Cheongju plant. LSIS.

The solar power system connected to an energy storage system at the Cheongju plant will set a business model for the company so it can expand its marketing strategy on selling solutions such as know-how on plant operations and maintenance, said the company. 

“Our Cheongju plant is a smart factory which has already adopted the factory energy management system and proved the company’s ability to carry out green energy generation business through a solar power system connected with an ESS,” said Koo Ja-kyun, CEO of LSIS.

“We need to step up marketing efforts by taking this megawatt-level solar power system connected with an ESS, which is the first case in Korea.”

The solar power system at LS’ plant in Cheongju generates electricity worth 570 million won ($496,410) a year. The company is expected to see 200 million won of additional revenue if it sells the stored energy of the ESS. 

The company has a full lineup of energy storage systems, the core equipment to control intermittent power generation, from the 3 kilowatt level to 1 megawatt level.

It is also eyeing market entry into the US where it is securing safety standard certification for its energy storage system and power conditioning system.

The market size in the US for power conditioning systems for energy storage systems is expected to grow at a rapid pace from $275 million in 2016 to $4.8 billion in 2024, the company said.

By Cho Chung-un/The Korea Herald (christory@heraldcorp.com)