LS ELECTRIC Said to Be Pursuing Investment in Golf Cart Battery Leader E-Solution

Дата публикации: 14-08-2026 21:59:56

LS ELECTRIC is pursuing an investment in E-Solution, a lithium-ion battery-pack maker that holds the largest share of South Korea's electric golf-cart battery-pack market. E-Solution is expanding its energy-storage-system (ESS) business and is already working with LS ELECTRIC in the commercial and i

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LS ELECTRIC is pursuing an investment in E-Solution, a lithium-ion battery-pack maker that holds the largest share of South Korea's electric golf-cart battery-pack market. E-Solution is expanding its energy-storage-system (ESS) business and is already working with LS ELECTRIC in the commercial and industrial (C&I) ESS segment.

According to industry sources August 14, LS ELECTRIC and multiple other investors are discussing forming a fund to acquire a stake in E-Solution. The fund is understood to be seeking a 10% to 20% stake. LS ELECTRIC would participate as an investor, although its share of the investment is not expected to be large. Specific terms have yet to be finalized.

An LS ELECTRIC official said the company is "not taking the lead in providing funds and the size of its investment will also be limited," adding that its existing ESS business relationship with E-Solution is behind the investment discussions.

E-Solution was established in July 2015 as Korea Powercell. It became part of INZI Controls in early 2023 after attracting 7.5 billion won in investment from INZI Controls, and changed its name to INZI E-Solution. However, INZI Controls sold its 21.77% stake about a year later, ending the affiliation. The company adopted its current name in July last year after its agreement with INZI Group to use the previous name expired.

E-Solution has been mentioned several times as a potential sale target in the investment market. An investment-industry source said the company "has been on the market for a long time, with several parties considering an acquisition." As of the end of last year, E-Solution CEO Kwon Jin-keun and related parties held 87.27% of the company. The employee stock ownership association held 2.42%, with the remainder owned by individual shareholders including employees. Based on previous transaction prices and recent results, the fund's investment in E-Solution is estimated to be in the tens of billions of won.

E-Solution has supplied more than 20,000 battery packs for electric golf carts in South Korea, giving it the largest market share. Since 2020, it has also supplied battery packs to Hitachi golf carts in Japan. Its products use lithium iron phosphate (LFP) batteries, which have a life span three to four times longer than lead-acid batteries and can reduce operating costs by about 40%.

E-Solution also developed its own battery-management system (BMS) tailored to LFP batteries. Based on technology for designing battery cells and BMS units for specific applications and assembling them into packs, the company has expanded into automated guided vehicles (AGVs) and ESS. It has supplied battery packs for AGVs to overseas Hyundai Motor plants and Samsung Electronics facilities.

E-Solution is developing ESS as a new growth engine. Its experience operating LFP batteries over extended periods is a key advantage. LFP batteries account for more than 90% of the global new ESS market. E-Solution jointly developed a C&I ESS model with LS ELECTRIC. The product has a modular design that allows multiple sets to be connected according to required capacity. A single set has a capacity of 344 kilowatt-hours (kWh), while as many as 10 sets can be connected to increase capacity to 3.44 megawatt-hours (MWh). E-Solution's website confirms its C&I ESS business and cooperation with LS ELECTRIC.

The two companies are expected to broaden their ESS cooperation following the investment. LS ELECTRIC is expanding its ESS engineering, procurement and construction (EPC) business based on its proprietary power-conversion-system (PCS) and power-management-system (PMS) technologies.

E-Solution's revenue rose from 10.7 billion won in 2023 to 12.1 billion won in 2024 and 12.8 billion won last year, representing average annual growth of 9.7%. Operating profit increased from 1.9 billion won to 2.4 billion won and 2.6 billion won over the same period. Its operating margin was 20.52% last year. E-Solution aims to list on the KOSDAQ in 2028 and plans to begin preparing for a technology-based special listing evaluation next year.

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