LS ELECTRIC
010120 · KRXStarted out making zippers and textiles in the 1970s; now builds the power gear inside American data centers.
Who they are
LS Electric's corporate history winds through several names and owners: founded in 1974 as Geumsung Gyejeon, it became Goldstar Industrial Systems in 1987, LG Industrial Systems in 1995, LS Industrial Systems in 2005 after the LG-LS group split, and finally LS ELECTRIC in 2020. Today it's the electrical-equipment and automation arm of LS Group, running dual headquarters in Anyang and Yongsan alongside plants in Cheongju, Cheonan, and Busan, plus international operations in the US, Japan, the Netherlands, and elsewhere.
What they do
LS Electric's power business covers medium- and high-voltage switchgear, circuit breakers, meters, and increasingly, high-voltage direct current (HVDC) transmission and battery energy storage systems (BESS) — the "green business" push the company has built out alongside its traditional grid-equipment lines. In 2025 it partnered with Honeywell specifically to develop power solutions and BESS technology for US data centers, and separately partnered with LG Electronics and Korea's state utility KEPCO on DC-based (as opposed to AC) smart factory infrastructure. The company's R&D center also earned KOLAS-accredited testing lab certification in 2025, a step toward faster product certification for export markets.
How LS Electric makes money
Equipment sales across its power and industrial automation segments. The company posted record annual results in 2025, and its data center-related order intake crossed KRW 1 trillion that year for the first time. Its Q1 2026 order backlog reached KRW 5.6425 trillion, a double-digit percentage increase, as part of the broader Korean power-equipment "big three" (alongside HD Hyundai Electric and Hyosung Heavy Industries) whose combined backlog hit roughly KRW 37.4 trillion in the same period.
The bigger trend
LS Electric's positioning is a bit broader than a pure transformer play: the Honeywell partnership specifically targets US data center power and storage, while its ASEAN expansion is aimed at data-center-specific products in a different geography entirely. That diversification, between products (switchgear, HVDC, BESS) and geographies (US, ASEAN), is a deliberate hedge against relying on any single grid-equipment category or region the way a narrower transformer specialist might.
Whether the Honeywell partnership converts into named US hyperscaler contracts the way HD Hyundai Electric and Hyosung Heavy Industries have already landed large utility deals, and whether the BESS and HVDC businesses scale fast enough to become a second major growth leg alongside traditional switchgear.
Related companies
Frequently asked questions
Historically yes — the company was called LG Industrial Systems until 2005, when the LG and LS conglomerates split into separate groups. LS Electric now belongs to LS Group, a distinct company from LG Electronics, though the two still occasionally partner on projects.
LS Electric and Honeywell are jointly developing power solutions and battery energy storage system (BESS) technology specifically for US data centers, announced in 2025 as part of LS Electric's push into the American AI infrastructure market.
LS Electric's data center-related order intake crossed 1 trillion won for the first time in 2025, contributing to a company-wide Q1 2026 order backlog of 5.6425 trillion won, a double-digit percentage increase.
This page describes public value-chain positioning for informational purposes only. It is not investment advice, and inclusion here is not a recommendation to buy or sell any security. Figures reflect public reporting as of mid-2026 and may have changed since.