LS Group, a South Korean cable and industrial electric machinery conglomerate, is looking to achieve the vision to double its total assets value to 50 trillion won ($37 billion) by 2030 as it welcomes more opportunities for its existing businesses in the era of artificial intelligence while investing in the sectors of batteries, electric vehicles and semiconductors.

Since taking the helm of the conglomerate in January 2022, LS Group Chairman Koo Ja-eun has vowed to invest 20 trillion won or more through 2030 to double the conglomerate’s asset value.

“By implementing AI such as LS GPT, we have to improve the way we work, strengthen partnerships with stakeholders and develop distinguished solutions and services,” said Koo during the LS Future Day held at LS Tower in Anyang, Gyeonggi Province on Sept. 27. LS GPT is an AI service for employees under development.

“As the electricity business is a key infrastructure for the AI industry, there is an opportunity coming towards LS. Everyone has to actively try to innovate the way we work by utilizing AI to achieve ‘Vision 2030.’”

LS released its first group-wide sustainability report on Sept. 30, underscoring the conglomerate’s to seek carbon-free electricity and new business expansion.

The sustainability report detailed the efforts dedicated to accelerate the group’s future growth engines of batteries, EVs and semiconductors. It pointed out the establishment LS-L&F Battery Solution, a joint venture between LS MnM and Korea’s battery materials company L&F, to construct a precursor plant for secondary battery materials in the Saemangeum Industrial Complex in North Jeolla Province.

LS MnM will supply nickel sulfate produced by recycling by-products from the smelting process, mined raw materials and process scrap to the joint venture to produce precursors while L&F will use the precursors to manufacture cathode materials. The construction of the plant is scheduled to be completed in the first quarter of next year.

As LS MnM’s pure sulfuric acid, which is used to remove impurities from wafer surfaced in the semiconductor manufacturing process, has seen rising demand, the company is expanding production lines with the aim of having a 240 kiloton annual production capacity by 2026. The report added that LS MnM is clinching supply contracts with newly opened fabs without mentioning the names of the clients.

The sustainability report also highlighted the completion of LS e-Mobility Solution’s EV relay and battery disconnect unit, or BDU, manufacturing plant in Durango, Mexico, a third production base for the company. According to LS e-Mobility Solutions, a subsidiary of LS Electric, the Durango plant boasts an annual production capacity of five million EV relays and four million BDUs. The reported noted that the company plans to solidify partnerships with North America’s major three automakers including Ford and Stellantis in the future.

LS Group logged record-high annual earnings for the second year in a row last year as the conglomerate posted 35.43 trillion won in sales and 1.29 trillion won in operating profit with a total assets value of 24.73 trillion won.

To expand their businesses, LS’ affiliates have been actively tapping the waters of going public. LS Materials, an energy storage device manufacturer known for its world-leading ultra-capacitor technology and supply, made a successful debut on Korea’s secondary bourse Kosdaq when its stock price quadruple on Dec. 12 last year. The stock closed at 24,000 won, a 300 percent surge from its public offering price of 6,000 won.

According to the group’s sustainability report, LS Materials is currently in talks with global power equipment manufacturers in Germany, Japan and the US for supply contracts.

Koo, the group’s chair, told reporters at InterBattery 2024 held at Coex in Seoul in March this year that LS plans to debut one to two companies between LS E-Link’s IPO this year and LS MnM’s IPO in 2027.

LS E-Link, the group’s EV charging subsidiary, said it plans to go for an initial public offering before the end of this year as the company achieved profitability within just two years of its founding, a feat that most other charging firms fail to do so. LS EV Korea, which split off the harness and module business from LS Cable & System in 2017, is reportedly aiming for an IPO as early as next year.

“Assessing what LS Group has been doing since it presented its 2030 vision and their performances as well as earnings amid the favorable business environment, it appears that they are on a smooth sail to achieve their goals by 2030 or even earlier,” said an industry official.