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 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 700MW 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.