Latest news with #LeeJae-sung
Korea Herald
08-07-2025
- Business
- Korea Herald
LG Electronics eyes data center boom to power HVAC growth
LG Electronics on Tuesday unveiled its ambitious plan to expand its heating, ventilation and air conditioning business to 20 trillion won ($14.6 billion) in annual sales by 2030, positioning it as a key growth driver in the business-to-business sector amid the accelerating rise of AI infrastructure. "HVAC demand is skyrocketing in the AI era," Lee Jae-sung, president of the eco solutions division at LG Electronics, said in a press briefing in Seoul. 'Until now, we've focused on residential and commercial HVAC, but we're now expanding into industrial and infrastructure applications — including hyperscale data centers — in line with the evolution of our technology and market." As part of its short-term goal, LG aims to increase sales from its chiller business — large-scale cooling systems essential for industrial and data center operations — to 1 trillion won within two years. To support this, the company has designated HVAC as one of its seven key technologies and will intensify efforts to secure contracts for liquid-cooling solutions, a technology increasingly vital for data centers worldwide. Lee pledged that LG will pursue 'compressed growth at twice the market rate' by offering best-in-class HVAC solutions tailored to AI infrastructure needs. To achieve this, LG plans to triple its order intake for data center HVAC solutions on-year, expand ultralarge chiller systems into data center applications, build localized, end-to-end value chains encompassing research and development, production, sales and maintenance, boost the revenue contribution of non-hardware services — such as subscriptions and maintenance — to 20 percent and enhance its portfolio through a series of targeted acquisitions. 'Considering the planned infrastructure investments, product development and R&D spending to drive market growth, we believe that if we grow at twice the market's average annual growth rate, reaching 20 trillion won in sales by 2030 is well within reach,' Lee said with confidence. LG is strengthening its presence in the data center industry with two key cooling technologies: a liquid cooling solution that directly cools semiconductor chips using a coolant distribution unit and an air cooling system that lowers internal temperatures via chillers. Lee hinted that the tech giant is currently in discussions to supply coolant distribution units to US chip giant Nvidia. 'We are undergoing Nvidia's certification process and are in talks regarding potential supply,' he said. 'What's crucial is not just working with Nvidia, but expanding into the entire ecosystem — including chipmakers and server manufacturers.' LG is also pursuing technological collaborations with global tech giants such as Microsoft, highlighting its ambition to become a key player in the next-generation data center infrastructure market. While LG signed a deal last month to acquire 100 percent of Norwegian hot water solutions firm OSO Hotwater, marking a strategic entry point for its expansion into the European HVAC market, the eco solutions division head said the firm would continue its efforts to strengthen the business' competitiveness by making such acquisition deals. "Acquiring OSO was just the beginning,' he said. "Non-hardware services such as subscription-based maintenance will play a key role in driving qualitative growth, and we are committed to leading the transformation."
Korea Herald
30-06-2025
- Business
- Korea Herald
LG signs deal to acquire Norway's OSO, expanding HVAC footprint in Europe
LG Electronics said Monday it has signed a deal to acquire Norwegian hot water solutions firm OSO Hotwater, as part of its expansion into Europe's fast-growing heating, ventilation and air-conditioning market. Under the agreement, the South Korean tech giant will acquire 100 percent of OSO's shares. Industry sources estimate the deal is worth hundreds of billions of won, though the company declined to disclose the exact amount. Lee Jae-sung, president of LG Electronics' Eco Solutions division, said OSO's water heating solutions are a 'strategic catalyst for LG's HVAC expansion." 'Together we will deliver highly efficient, integrated solutions that strengthen our market leadership and support global electrification for a more sustainable future,' he said. The transaction is expected to be completed in September, according to an LG official. The acquisition is anticipated to allow LG to bring OSO's hot water storage technology in-house and integrate it with its advanced heat pump systems. This will enable LG to provide tailored heating and hot water packages to meet customer needs and expand its footprint in Europe's HVAC market, LG said. Founded in 1932, OSO is Europe's leading manufacturer of stainless steel water heaters, which serve as storage units for hot water and can be paired with heat pumps, boilers and other heating systems. OSO's technology is essential for heat pump systems, which have seen significant growth recently across Europe as an efficient, eco-friendly alternative to conventional fossil fuel-based heating and cooling systems. OSO reported annual revenue of 942 million Norwegian kroner ($93.52 million) last year and employs around 260 people. Following the acquisition, OSO will continue to operate independently in its hot water solutions business. It will retain its existing OEM partnership and expand business opportunities. 'LG's deep know-how in heat pump water heaters in combination with OSO stainless steel tank leadership will ensure sustainable, high-quality product solutions for our customers,' said Sigurd Braathen, owner of OSO Hotwater, in a statement.
Korea Herald
20-05-2025
- Business
- Korea Herald
LG steps up HVAC push with Global South focus
LG Electronics said Tuesday it is hosting a summit on heating, ventilation and air conditioning, in line with its latest push to expand business in the fast-growing Global South region. The LG HVAC Leaders' Summit 2025 kicked off Monday for a four-day run in Korea, inviting consultants from seven Asian countries, including India, Vietnam, the Philippines and Indonesia. The summit focuses on the latest trends in the HVAC industry, while showcasing the company's lineup of system air conditioners, chillers and thermal management solutions for data centers. LG has been eying the Global South, a region encompassing Asia, Latin America, the Middle East and Africa, as a key market for growth and new business opportunities. The company cited rapid growth in manufacturing and urban development in the region, which is fueling demand for HVAC systems in factories and office buildings. LG said it plans to strengthen its HVAC business by promoting its customized design and operational capabilities to secure future project bids. As part of this effort, the tech giant held a summit for African consultants in Kenya on May 14, and plans to invite consultants from the Middle East to Korea in June and from Latin America in July. 'We will create business opportunities through closely communicating with HVAC consultants across key global markets and through differentiated technologies and operational capabilities,' said Lee Jae-sung, head of LG's eco solutions division, which oversees the HVAC segment. 'We will continue to strengthen our leadership in the global business-to-business HVAC market.'
Korea Herald
02-04-2025
- Business
- Korea Herald
LG supplies high-efficiency HVAC system to massive logistics center in Singapore
LG Electronics said Wednesday it has recently supplied its ultra-high-efficiency heating, ventilation and air conditioning solution to 36 Tuas Road Multi Storey Warehouse, a massive logistics center, in Singapore. The logistics center, located in the Tuas area in western Singapore, covers about 59,800 square meters -- equivalent to the size of nine soccer fields. LG supplied the facility with its high-efficiency commercial system air conditioner, the Multi V i. Designed with sustainability in mind, the logistics center aims to obtain the highest rating, Green Mark Platinum Super Low Energy, under Singapore's Building and Construction Authority Green Mark certification program. LG has enhanced the performance of its HVAC products to help the facility achieve a top-tier efficiency rating. The Multi V i features a high-performance artificial intelligence engine that allows for active energy-saving control tailored to the building's efficiency targets. Additionally, the system is equipped with a high-efficiency inverter compressor and the heat exchanger surface area has been expanded by more than 10 percent to optimize temperature control. These improvements have boosted energy efficiency by up to 33 percent compared to previous models. Leveraging this recent project, LG plans to expand its HVAC business across Southeast Asia. The company aims to capitalize on sustainable urban development policies in key regional markets such as Indonesia and Malaysia, alongside Singapore's Green Mark initiative, by offering customized HVAC solutions. To accelerate growth in the HVAC sector, LG established the ES Company unit last year. It is committed to achieving rapid growth in cleantech, with a focus on AI-powered data center cooling systems, nuclear power solutions and mega-factory projects. 'The success of our HVAC business hinges on localization,' said Lee Jae-sung, president of the LG ES Company at LG Electronics. 'We will continue to refine our tailored solutions to create new business opportunities, enhance competitiveness and drive sustainable growth."
Korea Herald
31-03-2025
- Sport
- Korea Herald
S. Korea play Jordan to draw in World Cup qualifying match
South Korea were held by Jordan 1-1 at home Tuesday for their second consecutive draw in the ongoing World Cup qualification round, failing to step toward an early berth in the big tournament after squandering a first-half lead. Lee Jae-sung had the match's first goal for South Korea in the fifth minute at Suwon World Cup Stadium in Suwon, some 30 kilometers south of Seoul, in the Group B match in the third round of the Asian World Cup qualification. But Jordan equalized in the 30th minute on Mahmoud Al-Mardi's strike, and the two sides couldn't solve the deadlock over the next 60-plus minutes. South Korea's final two matches of the third round will be against Iraq on June 5 in Basra and Kuwait on June 10 at home. There are three groups of six in this round, and the top two from each group will qualify for the 2026 World Cup in Canada, Mexico and the United States. Teams ranked third and fourth will move on to the fourth round. With the draw, South Korea managed to stay atop Group B with 16 points, three ahead of Jordan. Iraq, with 12 points, were to play Palestine early Wednesday morning in South Korean time. A combination of a South Korean win and an Iraqi loss or a draw against Palestine later Tuesday would have sent South Korea to the World Cup with two matches left in the current round. South Korea played without two national team mainstays in Bayern Munich center back Kim Min-jae, who was dropped from the national team on March 15 due to left Achilles tendinitis, and Paris Saint-Germain (PSG) midfielder Lee Kang-in, who was sent home Saturday after injuring his left ankle against Oman two days earlier. Feyenoord midfielder Hwang In-beom drew back into the lineup Tuesday after being held off the squad list against Oman. After missing about a month with a mysterious injury, Hwang was banged up in his first match back for the Dutch club on March 16, forcing Hong to keep Hwang out last week as a precaution. In the absence of PSG's Lee, Lee Dong-gyeong of Gimcheon Sangmu FC got the start for his first international appearance since September last year. Captain Son Heung-min got the start for his 133rd international cap, tying him with former goalkeeper Lee Woon-jae for third place on the all-time South Korean rankings. Son is now three back of the two co-leaders, current national team head coach Hong Myung-bo and former striker Cha Bum-kun. South Korea had a much better start than they did against Oman last Thursday, when they didn't register a shot attempt until Hwang Hee-chan scored in the 41st minute. The home side opened the scoring with a well-executed set piece five minutes into Tuesday's match, when Lee Jae-sung volleyed home a Son Heung-min corner. Lee had also scored against Jordan in South Korea's 2-0 win in October. Son nearly picked up his second assist with a corner seven minutes later, when Cho Yu-min's header sailed just over the crossbar. Jordan did not put much pressure on South Korea early on but equalized at the half-hour mark after a dangerous foray into the attacking zone. Goalkeeper Jo Hyeon-woo made a stop on Mousa Al-Tamari's shot from the right side of the box, but the rebound landed on Mahmoud Al-Mardi on the opposite side. Al-Mardi's right-footed shot struck the arm of defender Kwon Kyung-won and slightly changed direction en route to the bottom right corner. South Korea had a couple of close calls to retake the lead, with Cho's second header set up by Son's corner going over the bar in the 32nd minute and Hwang Hee-chan denied by goalkeeper Yazeed Abulaila from close range in the 37th minute. Queens Park Rangers midfielder Yang Min-hyeok replaced Lee Dong-gyeong at the start of the second half, making his national team debut at age 18. Yang had a shot go off an opposing defender moments after the restart but was otherwise held in check. South Korea maintained their big edge in ball possession but chances were few and far between. In the 72nd minute, Lee Jae-sung redirected a Seol Young-woo cross with his head but the attempt went wide of the far post. About 10 minutes later, Seol's cross from the right wing found Yang Hyun-jun for a header, but goalkeeper Yazeed Abulaila came up with the big save to keep the match tied. The play was reviewed for a possible handball violation by Jordan defender Yazan Al-Arab, which would have awarded South Korea a penalty, but he was let off the hook. South Korea made a desperate, added-time substitution, as forward Oh Hyeon-gyu replaced Son with the clock ticking down, but the change did not affect the outcome of the match before 41,532 fans. (Yonhap)
