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South Korean power company, LS Electric Co. Ltd, has initiated the construction of its first UK-based Energy Storage System (ESS) project, investing approximately $93 million. This strategic move marks the company's foray into Europe's renewable energy market.
LS Electric said the past weekend that this project in the U.K. is also expected to help the company establish a foothold for its expansion into the renewable energy market in Europe. According to The Korea Times, the South Korean power devices, systems, and solutions provider held the groundbreaking ceremony at the ESS site located in the village of Botley in Hampshire.
More than 50 people attended the event, including LS Electric's president, Kim Jong Woo. As part of the plan, the company will build a 50-megawatt power conversion system (PCS) and a 114-megawatt-hour battery ESS on the site.
Once in full operation, the entire system is expected to supply the generated electricity in the Botley territory to the U.K.'s power utility company which is the National Grid Electricity Transmission. It was added that LS Electric is in charge of the ESS' design, operation and maintenance (O&M), procurement, and construction of the energy storage system where the electricity generated from power plants is stored and supplied to the public when needed.
This system is being applied because it does not just regulate the supply, but it also increases the power usage efficiency. At any rate, LS Electric will use the ESS project in the U.K. as its starting point to reach its goal of growth and expansion in the fast-growing European renewable energy market.
"The importance of ESS is growing globally, and soon there is a high possibility of securing additional contracts in Europe, centered on the UK," The Korea Economic Daily quoted an official at LS Electric as saying in a statement earlier. "We will strive to create visible results in the overseas market and establish smart energy business as a definite future growth engine."
Photo by: LS Electric Website
