Sokor group eyes Phl power, vehicle sectors

MANILA, Philippines - South Korea-based LS Group is exploring opportunities for introducing smart grid technology to the country’s power distribution sector as well as participating in the development of the emerging local electric vehicle industry, according to the Department of Trade and Industry (DTI).

Trade Undersecretary Cristino Panlilio said LS Group officials, led by chairman John Koo, recently discussed with DTI officials the possibility of establishing a partnership with Manila Electric Co. (Meralco) for the development of a smart grid in the Philippines.

The smart grid technology will enable a more efficient management of electricity and prevent overloading and tripping. It will also provide for the introduction of renewable energy into the grid.

DTI said the LS Group is currently the 13th largest business group in Korea. The conglomerate is Korea’s leading supplier of a wide range of products, solutions and services in cable, electric power and automation solution. Its consolidated revenues in 2011 was registered at $25 billion. It currently maintains over 100 subsidiaries, with operations in 52 countries.

Through its subsidiary, LS Industrial Systems, the LS Group offers integrated technologies and services on electric vehicle (EV) components and charging infrastructure.

The company, which supplies EV components to Renault, GM, Ford, Volkswagen and Hyundai, also made a presentation on viable EV charging infrastructure models at the 2nd Electric Vehicle Summit held in Pasig City last month.

The Electric Vehicle Association of the Philippines (EVAP) earlier identified the LS Group as one of the companies that are actively pursuing investment opportunities in the EV industry post-summit.

The others are: TECO Group from Taiwan, Moving Ecology from Japan, and S&T group from Korea.

DTI said S&T is indeed interested in exploring business opportunities in the local EV industry.

S&T Motiv, formerly a subsidiary of the Daewoo Group, is a major manufacturer of electric motorcycles and EV components.

“With the technical know-how of our foreign partners, the prospect for the Philippine electric vehicle industry is huge since we have talented and competitive workforce, and the manufacturing capacity and capability,” Panliliio said.