LS Electric Acquires Nokia Power Equipment Asset Analysis Platform ALO

LS Electric announced on the 7th that it signed an acquisition agreement for Nokia's Asset Lifecycle Optimization (ALO) platform in the VIP room at the Hannover Fairground exhibition hall in Germany. The photo shows Kim Young-geun, CTO of LS Electric (left in the photo), shaking hands with Stephan Litjens, Executive Vice President of Nokia Global Enterprise Solutions, after signing the ALO transfer agreement. Photo by Kim Young-geun

[Asia Economy Reporter Park Sun-mi] LS Electric announced on the 8th that it has made a full-scale entry into the asset management solution (AMS) business, providing total care services throughout the lifecycle of power equipment by acquiring Nokia's power equipment asset analysis platform ALO.

LS Electric and Nokia signed a "Power Equipment Asset Management Software Transfer Agreement" the day before at the VIP room of the Hannover Fairground exhibition hall in Germany, agreeing to transfer Nokia's ALO.

The asset management solution is a platform-based service environment that systematically manages equipment assets throughout their entire lifecycle by combining the know-how of power equipment manufacturers with products, services, and operation systems. Using digital technologies such as AI, big data, and cloud, it diagnoses physical performance indicators such as failure rates, remaining life, and replacement cycles of power assets, and based on economic evaluations such as whether to strengthen maintenance or replace equipment, it derives investment priorities and provides customers with optimal investment plans.

Nokia developed ALO, which enables diagnostics of operation, safety, maintenance, and security of equipment based on big data analytics and machine learning technology, and currently holds life evaluation models for 87 types of power equipment including circuit breakers, ultra-high voltage transformers, and cables.

LS Electric expects that Nokia's ALO can provide operation, management, and consulting services not only for power equipment but also for production equipment and energy, and especially since both companies jointly conducted a development exploration project (PoC) for ALO in 2020, it anticipates offering optimized AMS to its customers after the acquisition.

Furthermore, as the importance of systematic asset management for power equipment is expanding globally, domestically both the public and private water supply markets have entered a budding stage, and the global market is expected to reach approximately 7 trillion KRW by 2027. Based on the acquisition of ALO, LS Electric plans to accelerate the commercialization of AMS and expand market share both domestically and internationally.

Kim Young-geun, Executive Director (CTO) of LS Electric, said, "With this acquisition of ALO, we can systematically manage vast big data related to production, operation, and failures by linking it with a standardized platform," adding, "We will develop customized solutions for LS Electric's power equipment to realize the highest customer value by extending equipment lifespan, improving investment efficiency, and reducing maintenance costs."

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