LS ELECTRIC Signs Business Agreement with Global IT Companies for Smart Platform Development

[Asia Economy Reporter Changhwan Lee] LS ELECTRIC, which changed its company name this year and is expanding its overseas business, is accelerating the securing of smart platform partnerships through collaboration with global IT companies.

LS ELECTRIC announced on the 28th that it signed a memorandum of understanding (MOU) with Nokia to cooperate in developing an intelligent power asset analytics platform to evaluate the performance of utility assets.

Before launching a solution exclusively for LS ELECTRIC customers, the two companies will conduct a proof of concept on Nokia's SpaceTime asset lifecycle optimization platform.

Through this platform, LS ELECTRIC expects that customers will be able to identify the root causes for better asset management and rapid, efficient asset replacement, and proactively maintain and manage by quickly reflecting changed conditions.

An LS ELECTRIC official said, "This collaboration with Nokia will not only open the way to discover new business cases in the Asset Performance Management (APM) field but also provide an opportunity to attempt innovative business in Korea in the Industry 4.0 era."

Prior to this, last month, LS ELECTRIC also partnered with Microsoft Korea to develop big data utilization technologies. The two companies plan to collaborate on digital transformation research and development, including smart factory advancement technology research and development, by applying Microsoft's artificial intelligence and cloud technologies to LS ELECTRIC's Cheongju smart factory, which is recognized as a leading smart factory in Korea.

To this end, LS ELECTRIC will promote the development of defect detection technologies using noise and vibration analysis, predictive maintenance, and deep learning by utilizing Microsoft's cloud Internet of Things (IoT) platform 'Azure IoT,' data platforms, and artificial intelligence in its production processes. Microsoft will provide relevant reference architectures and data on digital transformation trends in the power sector.

An LS ELECTRIC official explained, "Although domestic and international market conditions are experiencing the worst situation due to COVID-19, if we fail to respond to digital transformation, we cannot take the lead in the post-COVID era. Through collaboration with global IT companies, we will focus on developing solutions for domestic customers in the short term, and in the long term, secure the capability to continuously create smart platforms that can compete in the global market."

This content was produced with the assistance of AI translation services.