LS Group leading eco-friendly technologies
An LS Cable & System employee checks components for electric vehicle batteries at the company's facility in Poland. Courtesy of LS Group
LS Group has gone all-out to improve its presence in eco-friendly industries as part of its efforts to find future growth engines for the post-COVID-19 era.
The group said Thursday that this is in line with Chairman Christopher Koo's vision to expand into eco-friendly industries.
In a New Year message, the chairman urged employees to focus on four key goals: improving capability in cash creation; nurturing new growth engines in eco-friendly businesses such as solar power, smart-grid and electric car components; expanding into overseas markets; and achieving digital transformation.
Among the key tasks he suggested, the chairman especially emphasized the group's need to accelerate environmental, social and corporate governance (ESG) management to achieve sustainable growth.
“We will create early results in new business fields such as solar-ESS system, smart-grid, and electric vehicle components, which are LS's smart technologies, to contribute to the public interest and create a virtuous circle in which companies and society can continue to grow together,” Koo said.
To improve transparency in governance, listed affiliates of the group have launched internal transaction committees and introduced electronic voting systems to protect shareholders' rights.
For the eco-friendly businesses, the group expects more business opportunities will appear with the government actively trying to expand its Green New Deal policy.
The group's cable manufacturing affiliate LS Cable & System is leading the group's expansion into the eco-friendly business. The company rolled out new renewable energy products recently such as for wind power and solar power. In 2020, the company won a series of major deals to supply its cables in the United States, the Netherlands and Bahrain.
LS Cable & System secured a long-term supply deal with Danish-based wind power giant Orsted. The company has also secured submarine cable orders in Taiwan, as the country plans to shut down its nuclear power plants by 2025 and has set a renewable energy target of 20 percent.
A solar power plant of LS Group's LPG business affiliate E1 in Gangwon Province / Courtesy of LS Group
LS ELECTRIC is also actively expanding its presence in the renewable energy business, forging various partnerships. In August, 2020, the company inked a partnership with Doosan Fuel Cell, Hanwha Power Systems and Hanwha Asset Management for developing fuel-cell business models.
The group's liquefied petroleum gas (LPG) business affiliate E1 is expanding into the solar power business. In June 2020, E1 completed construction of its 8-megawatt solar power plant in Jeongseon, Gangwon Province. (Advertorial)