LS Electric

GE Vernova announced on August 26 that it has established a joint venture with LS Electric to strengthen its competitiveness in the high-voltage direct current sector, targeting South Korea's voltage source converter-based HVDC projects. Announced at the CIGRE 2026 event in Paris, the partnership combines GE Vernova's advanced VSC-HVDC technology with LS Electric's local manufacturing and market presence, aiming to support Korea's renewable energy transmission from the southwest to the greater Seoul area. The venture also positions the companies to pursue HVDC opportunities in other global markets. While the move aligns with GE Vernova's strategy to capitalize on the power infrastructure boom, with Power orders up 135% year-over-year in Q2 and Electrification revenue up 68%, the financial impact may take time to materialize. The company's backlog reached $176 billion, but adjusted EBITDA missed Wall Street expectations, and execution risks remain amid concerns about the sustainability of AI-driven power demand.