Nokia, LS ELECTRIC Sign MOU to Develop ICT Solutions and New Service Models

Nokia announced on June 16 that Nokia and LS ELECTRIC, one of South Korea’s biggest providers of electric power equipment and automation solutions, have signed a memorandum of understanding (MoU) to develop ICT-based solutions for new service models.

The two companies will collaborate to develop a model for factory automation, data center and electric vehicle (EV) charging services. They will also explore 5G private wireless networks business opportunities as part of the agreement. The collaboration will enable LS ELECTRIC to modernize its infrastructure to provide market-leading solutions to its customers.

Industrial-grade Nokia private wireless solutions, Data Center Fabric and EV charging solutions with Nokia Data Marketplace, will be used by LS ELECTRIC to acquire new operational competencies. As part of the MoU, Nokia will provide technical information and solutions related to smart factory infrastructure, data center business and EV charging businesses to support implementation strategies.

Nokia has deployed mission-critical networks to more than 2,200 leading enterprise customers in the transport, energy, large enterprise, manufacturing, webscale, and public sector segments around the globe. It has also extended its expertise to more than 450 large private wireless customers worldwide across an array of sectors.

Kim Jong-woo, president and COO, Global Services at LS ELECTRIC, said: “We are excited to work with Nokia to develop new competencies and modernize our infrastructure, to provide market-leading solutions and leverage new business models. Nokia is our existing partner and we are confident that its proven expertise and industry-leading solutions will help us realize our business vision.”

Josh Lee, head of enterprise at Nokia Korea, said: “The emerging business models for Industry 4.0 demand close collaboration between the enterprises and ICT-based global communication equipment companies to be better placed to leverage the market opportunities. We are pleased that LS ELECTRIC has reiterated its trust in our capabilities and solutions by extending the existing partnership.”