SEOUL, Dec. 5 (Yonhap) -- LS Industrial Systems Co., a leading South Korean power and energy solution provider, said Wednesday that it has acquired U.S.-based Parker Hannifin's energy storage system (ESS) business to create a new affiliate there.
The acquisition of Parker Hannifin's Energy Grid Tie (EGT) division allows LS Industrial System to establish LS Energy Solutions.
The value of the deal and other details were not disclosed.
LS Energy Solutions takes over all current U.S. sales, engineering and manufacturing capabilities of the Parker EGT division.
The former Parker EGT division started the ESS business in 2007 and retains top-level ESS-related technologies, according to the LS Industrial System.
An ESS is used to save energy for efficient distribution of power, by saving energy during night hours to be utilized during the daytime.
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