LG Group affiliates, including LG Electronics, LG Chem and LG CNS, are in full swing to develop an energy solutions business, which is expected to be the group’s next growth engine after consumer electronics and smartphones.
|LG CNS officials inspect the company’s smart lighting system installed at LG Display’s plant in Paju, Gyeonggi Province. (LG CNS)|
“We should strive to shake up the market by combining creativity and our IT convergence capability,” Koo Bon-moo, chairman of the conglomerate, said in a speech earlier this year.
And the energy management solutions, such as energy storage systems, highly efficient solar panel modules and power converter devices, are some of the convergence technologies which will create great growth momentum down the road.
“In the wake of global climate change, the renewable energy and energy solutions markets are becoming more important than ever,” an LG official said.
The world’s ESS market will grow from 16 trillion won ($15.6 billion) in 2013 to 58.6 trillion won in 2020, according to the international research institute Navigant Research.
The global market for building energy management systems will grow 14 percent annually to 6 trillion won in 2020.
LG Chem, the largest lithium-ion battery maker, has an energy storage system at its business site in Iksan, North Jeolla Province, in full operation.
LG CNS, the information and communication technology solutions firm, is slated to finish installing its smart lighting systems at LG Display’s production lines in Paju, Gyeonggi Province, and Gumi, North Gyeongsang Province.
A total of 530,000 fluorescent lights will be replaced with light-emitting diodes, which are expected to save 6.8 billion won a year.
LG Electronics adopted the BEMS, which monitors the lighting system, and the cooling and heating systems, to efficiently manage the use of energy in its business site in Cheongju, North Chungcheong Province.
The tech giant said the energy management system is expected to save about 300 million won in power, and reduce carbon emissions by 890 tons.
LG affiliates are also making efforts to nurture technology that combines photovoltaic energy and ESS.
LG Electronics, LG Chem and LG CNS established a microgrid solution, which oversees the generation, distribution and consumption of electricity, at a solar power plant in Taean, South Chungcheong Province.
The grid features an ESS with a storage capacity of 144 kilowatt-hours.
The energy gathered through the solar panels is used to operate the power plant and is distributed to customers, while the rest can be reserved in the ESS.
The LG Science Park to be established by 2020 in the Magok district in Seoul will also be fitted with the smart energy management systems to use up to 70 percent less energy than buildings without energy management systems, and to produce some of the electricity needed to run the park.
By Kim Young-won (email@example.com)