LS ELECTRIC is teaming up with Taiwan's largest petrochemical and materials corporation, Nan Ya Plastics, to target the markets for eco-friendly electrical equipment and energy efficiency solutions in Taiwan.

LS ELECTRIC announced on the 27th that it signed a memorandum of understanding (MOU) for joint development in the power industry market with Nan Ya Plastics in Taipei, Taiwan, on the 26th. The agreement ceremony, held at Nan Ya Plastics' headquarters, was attended by Koo Ja-kyun, chairman of LS ELECTRIC, and Wu Chia-jiao, chairwoman of Nan Ya Plastics.

On Oct. 26, LS ELECTRIC signs a memorandum of understanding (MOU) with Nanya Plastics at the Nanya Plastics headquarters in Taipei, Taiwan, to collaborate in pioneering the power industry market. Gu Jakyun (second from right), Chairman of LS ELECTRIC, Kim Jongwoo (far right), President of LS ELECTRIC, Park Woobeom (third from right), Head of K-New Power Business Division at LS ELECTRIC, and Wu Jiajao (third from left), Chairman of Nanya Plastics, attend the MOU signing ceremony. /Courtesy of LS ELECTRIC

Nan Ya Plastics plans to utilize its local business network to supply LS ELECTRIC's digital and eco-friendly electrical equipment to major industrial complexes. LS ELECTRIC decided to provide smart electrical equipment that enhances existing electrical devices with information and communication technology (ICT) and eco-friendly power solutions applying eco-friendly insulation materials, while also sharing technology. The company plans to expand its business cooperation scope into renewable energy industries, represented by energy storage systems (ESS) and manufacturing innovation technologies for smart factories.

Nan Ya Plastics, established in 1958, is Taiwan's largest petrochemical and materials corporation. Recently, it has expanded its portfolio into material business such as copper foil. The company produces 139,400 tons of copper foil annually at factories in Taiwan and Kunshan and Huizhou in China.

Recently, the Taiwanese government has been promoting carbon neutrality and the digital transformation of manufacturing. Both the Taiwanese government and the private sector are actively investing in power infrastructure for the stable operation of the power system, including energy storage systems (ESS) and the establishment of digital-based smart power networks.

LS ELECTRIC noted, "Now is the optimal time to seize the rapidly growing Taiwanese market for key power infrastructure."