The power equipment company LS ELECTRIC announced on the 28th that it has signed a memorandum of understanding for business cooperation on energy storage systems (ESS) and energy management systems (EMS), as well as engineering procurement construction (EPC), with Busan Jeongkwan Energy.

Park Jaeduk (left), CEO of Busan Jeonggwan Energy, and Park Woobeom (right), Head of K-New Power Business Division at LS ELECTRIC, are signing a memorandum of understanding for business cooperation and taking a commemorative photo. /Courtesy of LS ELECTRIC

The two companies expect that this agreement will enable them to jointly pursue domestic and international smart energy design, procurement, and construction (EPC) projects, including energy storage systems (ESS) and energy management systems (EMS). LS ELECTRIC and Busan Jeongkwan Energy will also promote a repackaging project aimed at maximizing the asset value of energy storage systems (ESS). They plan to diversify the energy solution market by discovering new businesses, including smart energy management, renewable energy integration systems, and electricity sales projects.

Busan Jeongkwan Energy is a comprehensive energy solutions corporation that is a 100% subsidiary of SK Innovation E&S and has the largest private distribution network in Korea.

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