■ MOU signed on the 26th with ‘NAN YA Plastics’ for eco-friendly power and smart energy business
■ Expansion of demand for digital transformation in manufacturing and eco-friendly devices to preempt the market with innovative solutions
LS ELECTRIC is accelerating its penetration into Taiwan, a major market in ASEAN, with world-class eco-friendly energy efficiency solutions.
On the 26th, LS ELECTRIC announced that it had signed a memorandum of understanding (MOU) at the headquarters of NAN YA Plastics in Taipei, Taiwan for cooperation in Taiwan’s eco-friendly power devices and energy efficiency solutions business.
The agreement ceremony was attended by key officials from both companies, including LS ELECTRIC Chairman Koo Ja-kyun and NAN YA Plastics Chairman Wu Jiabao, where they discussed joint cooperation strategies in the rapidly growing eco-friendly power device market driven by Taiwan’s government policies for digital transformation and eco-friendliness.
Under this agreement, NAN YA Plastics will leverage its local business network to supply LS ELECTRIC’s digital and eco-friendly power devices to major industrial complexes and enhance brand awareness in the local power market through technical cooperation.
LS ELECTRIC plans to provide and share technologies such as smart power devices with integrated ICT technology added to existing power devices, and eco-friendly power solutions with environmentally friendly insulation materials. Additionally, the scope of cooperation is set to expand to new renewable energy industries like energy storage systems (ESS) and manufacturing innovation technologies like smart factories.
Founded in 1958, NAN YA Plastics is Taiwan’s largest petrochemical and material company, specializing in the production of plastics and polyester, and also producing chemical and electronic chemical products. Recently, it has expanded its portfolio to include material businesses like copper foil, becoming the world’s second-largest company in this field. It has secured an annual copper foil production capacity of 139,400 tons at its factories in Taiwan, Kunshan, and Huizhou in China.
Recently, the Taiwanese government has been promoting a high-intensity carbon-neutral policy to increase the proportion of renewable energy to 70% of the total power source by 2050. Alongside this, it is actively pursuing the digital transformation of manufacturing to establish a sustainable industrial ecosystem, focusing on eco-friendly power facilities and energy efficiency solutions like ESS.
Taiwan is expected to experience significant growth in its energy market, particularly in sectors related to sustainable power infrastructure. Both government and private entities in the region are making substantial investments in initiatives designed to ensure the stability and resilience of the nation’s power systems. This includes projects focused on the development of Energy Storage Systems (ESS) and the establishment of digitally integrated smart grids. The government’s commitment to fostering green energy solutions and enhancing energy efficiency presents an ideal opportunity for companies like LS ELECTRIC to play a pivotal role in the transformation of Taiwan’s energy landscape.
LS ELECTRIC, a global leader in providing innovative smart power solutions, has recognized the growing opportunities in Taiwan and is looking to expand its local footprint. The company has strategically aligned itself with NAN YA Plastics, a significant player in Taiwan’s industrial sector. This partnership is poised to accelerate LS ELECTRIC’s market penetration by combining the company’s world-class expertise in smart power solutions with NAN YA’s local knowledge and network. By leveraging this collaboration, LS ELECTRIC intends to bring its cutting-edge technologies and solutions to Taiwan’s rapidly evolving energy market.
An official from LS ELECTRIC emphasized the importance of timing in the company’s efforts to establish a strong presence in Taiwan. “The current moment represents the optimal time to lead not only the local market but also to make a meaningful contribution to the digital transformation of Taiwan’s manufacturing industry and the creation of a sustainable power ecosystem,” said the official. “We see Taiwan as an important strategic hub, and we are committed to accelerating our business expansion in the region. Through Taiwan, we plan to strengthen our position in the broader ASEAN market, which is emerging as a key player in the development of eco-friendly power infrastructure.”
Taiwan’s energy sector is undergoing a significant transformation as the government strives to reduce its dependence on fossil fuels and increase its reliance on renewable energy sources.
In line with global trends toward decarbonization and sustainable development, the Taiwanese government has set ambitious goals for the transition to green energy. By 2025, Taiwan aims to generate 20% of its electricity from renewable sources, primarily solar and wind power. This ambitious target necessitates significant upgrades to the country’s power grid, which is why the government is heavily investing in the development of smart grid technologies and energy storage systems (ESS).
A key aspect of Taiwan’s energy strategy is the adoption of smart grid technologies. Smart grids are designed to enhance the efficiency, reliability, and flexibility of electricity networks. These advanced systems use digital communication and control technologies to manage the flow of electricity more efficiently, allowing for better integration of renewable energy sources like solar and wind. Smart grids also facilitate the integration of ESS, which can store excess energy produced during periods of high renewable energy generation and release it when demand is high or renewable output is low. This is crucial for maintaining the stability of the power grid as renewable energy generation can be intermittent.
In addition to smart grids and ESS, there is a strong push for eco-friendly power devices and solutions that can reduce environmental impact and promote sustainable development. Taiwan’s commitment to achieving carbon neutrality by 2050 has further fueled the demand for clean and efficient energy technologies. This creates a significant opportunity for companies specializing in renewable energy solutions, such as LS ELECTRIC, which offers a range of products and services that align with Taiwan’s energy transformation goals.
LS ELECTRIC’s expertise in providing advanced energy solutions is particularly relevant in this context. The company’s experience in overseas renewable energy projects gives it a unique advantage in understanding the challenges and opportunities associated with large-scale energy transitions. By leveraging its global knowledge, LS ELECTRIC is well-positioned to help Taiwan achieve its energy goals through the deployment of innovative technologies like smart grids, ESS, and eco-friendly power devices.
One of the key benefits of LS ELECTRIC’s partnership with NAN YA Plastics is the ability to tap into the local market’s existing infrastructure and industrial networks. This collaboration allows LS ELECTRIC to gain a better understanding of the specific needs and demands of Taiwanese consumers and businesses, enabling the company to tailor its products and solutions to meet these needs more effectively. Additionally, NAN YA Plastics’ strong presence in Taiwan’s industrial sector provides LS ELECTRIC with valuable insights into local market dynamics and regulatory requirements, which can help the company navigate the complexities of the Taiwanese energy market.
Looking ahead, LS ELECTRIC is committed to accelerating its growth in Taiwan and using the country as a strategic base for expansion into the broader ASEAN region. Taiwan’s position as a leader in renewable energy and sustainable development makes it an ideal launchpad for the company’s efforts to expand its presence in the ASEAN market. By leveraging its global expertise and local partnerships, LS ELECTRIC aims to lead the way in shaping the future of Taiwan’s power infrastructure.
