LS Electric and Electroshield Samara Form Strategic Power Alliance

 

 

 

 

LS Electric is strengthening its collaboration with Electroshield TM Samara, Russia's leading distribution board manufacturer, as it moves to penetrate the Russian power equipment market.

Building on a 20-year partnership, the two companies plan to diversify their product offerings and expand distribution networks to solidify their presence in the Russian market.

Last year, LS Electric signed a strategic partnership agreement with Electroshield TM Samara at the "International Forum Electric Networks 2024" held in Moscow, Russia.

The agreement was attended by Kang Sang-gu, Head of LS Electric's Russian subsidiary, and Dmitry Kupriyanov, CEO of Electroshield TM Samara. Starting this year, the two companies have agreed to expand their cooperation in power equipment beyond circuit breakers to include a variety of products.

Electroshield TM Samara is promoting localization by selling LS Electric’s air circuit breakers (ACBs) and molded case circuit breakers (MCCBs) under the brand "VA-SESH." This initiative aims to reduce Russia's reliance on imported circuit breakers while increasing market share.

LS Electric, which entered the Russian market in 2004, quickly established itself by achieving approximately KRW 7.3 billion in sales in 2006.

In 2007, LS Electric began supplying power equipment to Electroshield TM Samara, generating approximately KRW 14.5 billion in annual sales.

Notably, through its recent partnership, the company has achieved cumulative sales of approximately KRW 4.3 billion this year, showing steady growth.

Despite the ongoing Ukraine conflict, Russia's demand for power equipment is rising, driven by the modernization of its power grid and the expansion of clean energy.

Russia's state-owned power grid operator FSK-Rosseti invested approximately KRW 7.89 trillion from 2020 to 2024, while Gazprom, the world’s largest energy company, increased its investment this year to KRW 23.32 trillion.

To strengthen brand recognition in Russia, LS Electric established its Russian subsidiary in 2014 and supplied power equipment to major energy companies such as Gazprom and Rosneft.

It has also demonstrated its market competitiveness by participating in large-scale projects, such as supplying power equipment for the Crimean Bridge construction and the 2018 FIFA World Cup stadiums in Russia.

LS Electric plans to expand its product lineup and enhance its localized strategies moving forward. The company aims to continue its cooperation and investment in response to changes in the energy market while considering economic relations with Russia. Meanwhile, domestic competitors such as HD Hyundai Electric are also actively entering the Russian market, showcasing their products and further highlighting South Korea's presence in the power equipment sector.

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LS Electric and Electroshield Samara Form Strategic Power Alliance