# Who are LS ELECTRIC's customers? Who does LS ELECTRIC earn revenue from?
Canonical: https://valuechain.wiki/ls-electric · Facet: customers · Updated: 2026-07-12T04:02:58.465+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: LS ELECTRIC's confirmed revenue counterparties include Bloom Energy, 한국전력공사, 삼성SDI plus 4 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 7 revenue edges, backed by 6 dated sources, 3 of them primary filings (as of 2026-07-12).

### 케이이엔(KEN) (high)
- metric: contract ₩125.8B · 공사도급 763.7억+운영위탁 494.2억
- note: LS Electric won the EPC contract (76.4 billion won) and the operation-and-maintenance contract (49.4 billion won) for the Yeonggwang Green solar power project ordered by KEN, covering solar EPC and O&M.
- [confirms] FSS DART (KO, filing, published 2026-06-05) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260605800561: "Construction order - Yeonggwang Green solar power EPC contract, value 76,370,160,600 won, counterparty KEN, region Yeomsan-myeon, Yeonggwang, South Jeolla. (Separate O&M contract of 49,422,120,000 won also disclosed.)"

### Bloom Energy (high)  → /bloom-energy.md
- metric: contract $217M · 2026-04-28~2027-03-29
- note: Through its U.S. subsidiary LS ELECTRIC AMERICA, LS Electric supplies switchgear and distribution transformers for a North American data center fuel-cell power project ordered by Bloom Energy. Contract value 216.5 million dollars (about 319 billion won, 6.42% of FY2025 consolidated revenue).
- [confirms] FSS DART (KO, filing, published 2026-04-29) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260429800110: "This contract is a business in which LS Electric supplies switchgear and distribution transformers to LS ELECTRIC AMERICA Inc., which won a North American data center fuel-cell-based power equipment project ordered by Bloom Energy. Contract value 318,964,597,910 won, 6.42% of revenue; equal to USD 216,526,100 excl. VAT."
- [confirms] The Korea Times (EN, news, published 2026-04-29) https://www.koreatimes.co.kr/business/20260429/ls-electric-lands-216-million-data-center-deal-as-part-of-growth-drive-in-us: "LS Electric signed a $216 million contract to supply switchgear and transformers for a data center; Bloom Energy had been selected to supply solid-oxide fuel cells for a 2.45 GW AI data center Oracle is building in New Mexico."
- [mentions] FSS DART (KO, filing, published 2026-03-18) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001243: "[LS ELECTRIC America] a 2012-established sales entity supplying power and automation equipment and power systems in the Americas; FY2025 revenue 830.8 billion won, all export."

### 미국 데이터센터 (초고압 변압기) (high)
- metric: contract $70M · 변압기 계약
- note: Subsidiary LS Power Solution won ~$70.3M (KRW 106.6bn) for 345kV EHV transformers for a big-tech datacenter microgrid in the US Midwest - a Korean transformer beneficiary of AI power demand.
- [confirms] THE ELEC (KO, news, published 2026-05-01) https://www.thelec.kr/news/articleView.html?idxno=54659: "LS Power Solution supplies 345kV EHV transformers (~$70.3M) to a US datacenter microgrid."

### 한국전력공사 (high)  → /korea-electric-power.md
- metric: Market share 5.1%_of_segment_revenue · 전력인프라 부문
- note: Korea Electric Power accounts for 5.1% of LS Electric's power-infrastructure segment revenue, buying power equipment and extra-high-voltage substation gear.
- [confirms] FSS DART (KO, filing, published 2026-03-18) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001243: "Power-infrastructure top customers: LS ELECTRIC AMERICA 31.2%, Samsung SDI 7.4%, Korea Electric Power 5.1%, LG Energy Solution 4.6%, SAMSUNG E&C AMERICA 2.2% (FY2025 cumulative revenue basis)."

### 북미 데이터센터·유틸리티 (초고압 변압기) (mid)
- metric: backlog ₩3.1T · 초고압변압기 수주잔고
- note: Continued extra-high-voltage transformer wins for North American data centers and investor-owned utilities have pushed the EHV transformer backlog to about 3.1 trillion won, including a 459.8 billion won EHV transformer contract with a large North American IOU in November 2025.
- [confirms] Korea Investment & Securities (via Business Post) (KO, research, published 2026-06-04) https://www.businesspost.co.kr/BP?command=article_view&num=439230: "Korea Investment & Securities raised its target price to reflect expanding North American data center orders; LS Electric's data center products include MV/LV transformers, switchgear, EHV transformers and GIS, with an EHV transformer backlog alone of about 3.1 trillion won locking in several years of revenue."
- [mentions] FSS DART (KO, filing, published 2026-03-18) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001243: "Nov 2025: signed a 459.8 billion won EHV renewable transformer supply contract with a very large North American IOU; Mar 2025: signed a 160 billion won Big Tech data center power supply system contract."

### 삼성SDI (mid)  → /samsung-sdi.md
- metric: Market share 7.4%_of_segment_revenue · 전력인프라 부문
- note: Samsung SDI is one of the largest customers of the power-infrastructure segment at 7.4% of revenue, taking power equipment for ESS and battery lines.
- [confirms] FSS DART (KO, filing, published 2026-03-18) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001243: "Power-infrastructure top customer: Samsung SDI 7.4% (power-infrastructure segment, FY2025 cumulative revenue basis)."

### LG에너지솔루션 (mid)  → /lg-energy-solution.md
- metric: Market share 4.6%_of_segment_revenue · 전력인프라 부문
- note: LG Energy Solution accounts for 4.6% of power-infrastructure segment revenue, buying power equipment for battery plants and ESS.
- [confirms] FSS DART (KO, filing, published 2026-03-18) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001243: "Power-infrastructure top customer: LG Energy Solution 4.6% (power-infrastructure segment, FY2025 cumulative revenue basis)."

Reverse side: https://valuechain.wiki/ls-electric/suppliers.md · Ripple: https://valuechain.wiki/ls-electric/ripple.md

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Full node: https://valuechain.wiki/ls-electric.md · JSON: https://valuechain.wiki/ls-electric.json