Latest news with #LSEcoEnergy
Korea Herald
23-05-2025
- Business
- Korea Herald
LS consults with Vietnam for rare earth development
LS Eco Energy, a Vietnam-based cable manufacturer under Korea's LS Cable & System, said Friday that its top executives met with the Vietnamese deputy industry minister to discuss ways to cooperate in developing the country's rare earth supply chain. LS Cable & System CEO Koo Bon-kyu and LS Eco Energy CEO Lee Sang-ho had a meeting with Deputy Minister of Industry and Trade Nguyen Hoang Long on Thursday to request regulatory support. The talks focused particularly on approvals related to radioactive materials and environmental standards, as well as cooperation with local mining companies, according to the firm. LS Eco Energy aims to build a rare earth value chain in Vietnam, from mining to metal production. The company plans to leverage Vietnam's rich reserves of materials, which are essential for technologies such as robotics and electric vehicle motors. At the meeting, the deputy minister expressed openness to providing government-level support for the rare earth supply chain and showed optimism about the collaboration model's potential to enhance Vietnam's industrial capabilities, LS said. While believed to hold about 18 percent of global rare earth reserves, second to China, the country allows only a few approved companies to produce the minerals under strict regulations. LS Eco Energy partnered with local refiner Hung Thinh Minerals to secure rare earth materials from 2025, but local challenges, including delays in processing facility construction, have postponed the project. 'With three decades of business experience in Vietnam, we are confident we can be the ideal partner to help position the country as a global hub for the rare earth industry,' said CEO Lee.
Korea Herald
11-04-2025
- Business
- Korea Herald
LS Eco Energy joins $150m wind farm project in Philippines
LS Eco Energy, a Vietnam-based cable manufacturer under Korea's LS Cable & System, announced Friday that it will supply electric cables for a $150 million wind farm project in the Philippines. The company's Vietnamese subsidiary, LS-VINA, will supply medium- and low-voltage cables for the Kalayaan 2 wind farm, a 100-megawatt project located in Laguna province, about 100 kilometers southeast of Manila. Scheduled for completion in 2026, the wind farm is expected to provide clean energy to up to 85,000 households, the company said. "As the Philippine government aims to raise its renewable energy share to 50 percent by 2040, large-scale solar and wind projects are actively underway, with increasing involvement from private businesses," said an LS official. As the largest power cable manufacturer in Vietnam, LS Eco Energy is accelerating its expansion beyond national borders. In early March, the company secured a contract to supply power cables for the Philippines' largest internet data center, the STT Fairview Campus. It is also in negotiations for a cross-border renewable energy project that will supply Singapore with energy generated in other Southeast Asian nations, the company said. Amid growing regional demand for power infrastructure fueled by renewable energy development, LS Eco Energy plans to actively expand its involvement in major clean energy projects across Southeast Asia.
Korea Herald
10-03-2025
- Business
- Korea Herald
LS Eco Energy supplies power cables for Philippines' largest data center
LS Eco Energy, a Vietnam-based cable manufacturer under Korea's LS Cable & System, announced Monday that its Vietnamese subsidiary, LS-VINA, has supplied medium- and low-voltage power cables for STT Fairview Campus, the largest internet data center in the Philippines. The campus is currently under construction by global internet data center, or IDC, provider STT GDC near Quezon City, Manila. STT GDC, a wholly owned subsidiary of ST Telemedia, operates under the Singaporean state-owned sovereign wealth fund, Temasek, and manages over 110 IDC facilities worldwide across Singapore, China, India and the UK. Once completed, the facility will offer 124 megawatts of information technology capacity, catering to artificial intelligence and cloud companies in the region. Amid the rapid expansion of AI and cloud industries in Southeast Asia, the local IDC market is projected to grow from around $8.8 billion in 2023, with the annual growth rate exceeding 10 percent by 2028. "Large-scale IDC projects are currently underway not only in the Philippines but also in major Southeast Asian countries, including Vietnam, Indonesia and Malaysia," said LS Eco Energy CEO Lee Sang-ho. "We plan to actively target the Southeast Asian IDC market by leveraging our production competitiveness." Meanwhile, LS Eco Energy is accelerating its global expansion, having recently begun exporting aluminum power cables to the US and achieving strong annual performance. The company is also exploring new business opportunities in submarine cables and rare-earth materials.
Korea Herald
27-02-2025
- Business
- Korea Herald
LS Eco Energy to expand into Vietnam's submarine cable market
LS Eco Energy announced Thursday that representatives from Petro Vietnam Technical Service, a subsidiary of Vietnam's state-owned energy group Petro Vietnam, visited LS Cable & System's submarine cable factory in Gangwon Province to discuss potential cooperation. The visit marks a key step in expanding the company's submarine cable business in Vietnam and Southeast Asia. It plans to collaborate with PTSC and its affiliates and LS Marine Solution to review the production and supply chain for submarine cables. 'Vietnam is rapidly emerging as a renewable energy hub in Southeast Asia, and submarine cables are a key infrastructure component for expanding the renewable energy supply chain,' LS Eco Energy CEO Lee Sang-ho stated. 'We aim to lead the Southeast Asian market alongside LS Marine Solution, leveraging our technology and supply chain capabilities.' PTSC is currently planning a major project to transmit renewable energy generated from Vietnam's offshore wind farms to Singapore via submarine cables. LS Eco Energy is exploring ways to collaborate on this project, while LS Marine Solution is seeking routes for overseas expansion. Additionally, LS Marine Solution is considering involvement in submarine optical cable projects connecting North America and Asia. With global demand for submarine communication infrastructure rising, LS Marine Solution plans to establish a business office in Vietnam. It intends to finalize new vessel investments within the year and strengthen cooperation with local businesses.
Korea Herald
25-02-2025
- Business
- Korea Herald
LS Eco Energy bolsters rare-earth, power ties with Vietnam
LS Eco Energy, a Vietnam-based cable manufacturer under Korea's LS Cable & System, announced Tuesday that its top executives met with a Vietnamese delegation led by Minister of Industry and Trade Nguyen Hong Dien to discuss extensive partnerships on rare-earth elements and power utility infrastructure. The meeting, held at a Seoul hotel, was attended by LS Group's top executives, including LS Cable & System CEO Koo Bon-kyu, LS Eco Energy CEO Lee Sang-ho, and LS Marine Solutions CEO Kim Byeong-ok, alongside officials from Vietnam's state-run energy companies. Discussions focused on rare-earth elements, which are essential for producing permanent magnets used in electric vehicles, robots and semiconductors. LS Cable & System has been actively working to secure a stable supply of these critical materials, as the company aims to develop a new growth business centered on permanent magnets. Vietnam holds approximately 18 percent of the world's rare-earth reserves, making it the second-largest supplier after China. However, only a handful of companies are permitted to produce these materials under the Vietnamese government's strict regulatory control. "Recent restrictions on rare-earth element exports from China, combined with the United States' policy to exclude China from industrial value chains, have intensified global competition for securing these critical materials," said LS Eco Energy CEO Lee Sang-ho. "By ensuring a stable supply, we can accelerate the development of our new business related to permanent magnets." Formerly known as LS Cable & System Asia, LS Eco Energy has emerged as a leading Korean company in Vietnam's rare-earth element development sector. Under an agreement with Hung Thinh Mineral, a local mineral refiner, LS Eco Energy will secure up to 5 million tons of rare-earth materials annually starting this year. According to the company, this supply is sufficient to produce permanent magnets for 400,000 electric vehicles. During the meeting, LS Eco Energy also expressed interest in participating in Vietnam's power grid expansion initiative. Under this plan, the Vietnamese government aims to increase its power generation capacity to 150 gigawatts by 2030, primarily by expanding wind and nuclear power plants.
