Nan Ya, LS ELECTRIC form joint venture to pursue Taiwan power infrastructure projects

Nan Ya Plastics, part of Taiwan’s Formosa Plastics Group, has signed an agreement with South Korean power equipment maker LS ELECTRIC and KHI to launch a joint venture called Nan Ya LS. The new entity is aimed at Taiwan’s power infrastructure market and is meant to move the partners beyond a simple equipment supply relationship. According to The Korea Times, the three parties signed the agreement in Seoul on Tuesday, and LS ELECTRIC disclosed details a day later. Under the ownership structure released by LS ELECTRIC, the joint venture will be held 50% by LS ELECTRIC, 40% by Nan Ya, and 10% by KHI. KHI, a Formosa-backed company established in 2025, was set up to commercialize technology developed by the Korea Advanced Institute of Science and Technology, or KAIST. The partners’ roles are split across commercialization resources, manufacturing and design technology, and local production and engineering links in Taiwan. The company’s initial task will be to build local capabilities for bidding, design, and technical support for Taiwan power projects, while also tapping Nan Ya’s EPC network. LS ELECTRIC said the goal is to upgrade its Taiwan business from equipment sales to project-based orders tied to engineering execution, as the island expands investment in grid upgrades, energy storage, and smart grid infrastructure under its 2050 net-zero targets.