Joint Projects
The Korea Electric Power Corporation (KEPCO) and LG U+ announced on July 16 that they held an opening ceremony of the new “Power-IoT Convergence Center” at Bitgaram Energy Valley of Gwangju and Jeonam Joint Innovation City to develop next-generation smart grid (SG) cooperation business models by creating synergy effects of electricity and Internet of Things (IoT) technologies.
The center was established as part of follow-up measures of “SG Business Cooperation MOU” signed by both companies in May. It will serve as an advanced based for efficient cooperation business process between the two companies in the future.
Also, KEPCO and LG U+ formed a working group consisting of the two company’s specialists in each sector, after signing an MOU. With the opening of the center, both companies will work together to improve the energy efficiency of buildings based on IoT technology, provide power consumption information through IPTV in real time, develop a real-time electric power facility safety monitoring solution based on LTE technology, secure the security system of AMI communications networks and IoT-based electric power facilities, and develop SG business models for industrial complexes.
In particular, the two companies will cooperate with other relevant domestic companies to actively develop international and domestic SG business models. Moreover, they are planning to steadily seek global business opportunities to dominate the rapidly-growing overseas SG market.