LSIS Acquires Parker Hannifin’s Energy Grid Tie Division to Create a New U.S. Based Company, LS Energy Solutions
LSIS, a $2B Korea-based global leader in power, automation and smart
energy solutions, announced today the acquisition of the Charlotte-based
Energy Grid Tie (EGT) Division of Parker-Hannifin, creating a new
U.S.-based company, LS Energy Solutions. Financial terms and details of
the transaction are not being disclosed.
LS Energy Solutions, a premier global energy solutions provider,
retains all current U.S. sales, engineering, and manufacturing
capabilities of the former Parker EGT Division. It will operate as a
separate North American organization under LSIS. LS Energy Solutions is
pleased to confirm that it achieved a 100 percent talent and employee
retention of the EGT Division, and new investment will provide for
further expansion and innovation for a full range of products, systems
and services.
LS Energy Solutions, together with LSIS, have a globally
installed base of more than 700 MW in energy storage power conversion,
making it a premier technology leader in the industry. The company’s
U.S. leadership team will be led by Jim Hoelscher, who was the Parker
EGT Division general manager, reinforcing a high level of commitment to
seamlessly serve partners.
“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,” said Jim Hoelscher, president of LS Energy Solutions.
“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.”
“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,” said Jae-seok Oh, head of the Power Solution
Business Group of LSIS. “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.”
During this transition period, LS Energy Solutions will continue
its operations seamlessly. The employees in the areas of supply chain,
sales and manufacturing will work closely with their valued partners to
ensure a superior customer experience.
LS Energy Solutions will remain steadfast to its valued partners
and customers. It will continue to focus on Energy Storage solutions for
utility scale applications, as well as behind-the-meter applications
including microgrids. Expanding supply scope with innovative new PCS
products, control software, switchgear and integrated system solutions,
LS Energy Solutions will further capture new value streams across
the power grid.
About LSIS
LSIS, the main subsidiary of LS Group, is a leading Korean company
for electric power system, automation, and green technology. For the
past 30 years, LSIS has been operating under the name of LG Industrial
Systems until LS Group was separated from LG Group in 2005. LSIS
operates 8 manufacturing facilities. LSIS has 11 branch offices outside
of Korea and employs more than 3,500 people globally. In calendar year
2017, LSIS had sales of $2.1 billion. To learn more, visit lsis.com.
To learn more about LS Energy Solutions, visit ls-es.com.
To learn more about Parker Hannifin, visit parker.com.
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