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LS Electric, a South Korean electric cable company, added a subsidiary unit to the company to run its new electric vehicle charging business. It was revealed by the firm’s officials on Thursday, April 27, that the newly-created LS E-Link unit was jointly established by the LS Group and E1, a Liquefied Petroleum Gas (LPG) importer.
According to The Korea Herald, with LS Electric’s expertise in cables for electric power supply and E1’s distribution networks, they are expected to form the right synergy needed for the new EV charging biz. It was mentioned that LS’s cable and system manufacturing unit was the first in South Korea to mass-produce aluminum wires used for electric vehicles, and this is one strength that can be applied to make the new EV charging unit do well in the field.
“As EV transition accelerates, power usage will grow in EV charging stations, which means that power engineering will become more important for stable and efficient power supply,” the official of LS Group stated.
Kim Dae Geun has been appointed to lead the newly-launched LS E-Link subsidiary. He was previously in charge of E1‘s regional businesses in the province of Gangwon and Seoul.
With its new EV charging division, LS Group officially joins the electrification drive in the country. Perhaps, the company will also scale up its business to other technologies related to EVs as more automakers are getting rid of the fuel-powered vehicles and shifting to electric.
Meanwhile, as per Pulse News, the LS E-Link is planning to start its operation in South Korea in the second half of this year. The LS Group has plans to further develop the charging venture, and it may expand within its group of companies, with the LS E-Link serving as a control center.
It was mentioned that E1 is already operating EV charging stations around the country, and currently, it has 350 stations. With this, it will no longer be difficult for the new business unit to set up new charging stations in strategic locations. Shares of LS Group closed down 0.35% at ₩57,100 or about $44.89 on Thursday.
