LSIS, a $2B Korea-based global power, automation and smart energy solutions provider, announced the acquisition of the Charlotte-based Energy Grid-Tie (EGT) Division of Parker-Hannifin, creating a new U.S.-based company: LS Energy Solutions.
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. Financial terms and details of the transaction are not being disclosed.
LS Energy Solutions has confirmed that it achieved a 100% 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.
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 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,” he added.
During this transition period, LS Energy Solutions says 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 powergrid.
“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 PowerSolution 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.”
LS Energy Solutions says it will remain steadfast to its valued partners and customers. Its employees in the areas of supply chain, sales and manufacturing will work closely with their valued partners to ensure a superior customer experience.