LG Electronics Forms Consortium for Heat Pump Technology in China
China: LG Electronics has formed a consortium in China to accelerate the development of next-generation heat pump technology, expanding its global research efforts beyond its existing hubs in North America and Europe. The consortium will collaborate with HVAC researchers from Harbin Institute of Technology, Shanghai Jiao Tong University, and Xian Jiaotong University. The company will operate two research facilities in Harbin and Mohe, ideal for testing cold climate heat pumps with high energy efficiency. LG’s Vice President, Lee Jae-sung, emphasized the company’s goal to target the global HVAC market with differentiated solutions tailored to various regional demands. LG is also building a complete supply chain in each region to streamline research, production, and sales processes. The company currently operates five air solution research centers globally and trains over 30,000 engineers annually across 62 cities. The global HVAC market, valued at 58.4 billion USD in 2023, is expected to reach 61 billion USD by 2028.
Source: Korea Herald