Merololab CEO Sin Sobong Receives Minister of Trade, Industry and Energy Award

[Asia Economy Reporter Jang Hyowon] IoT platform company MerloLab (CEO Shin Sobong) announced on the 19th that it received the Minister of Trade, Industry and Energy Award at the ‘2023 1st Power New Industry Activation Forum Conference’ held at COEX, Seoul.

The ‘Power New Industry Activation Forum (Chairman Jo Youngtak)’ was launched in 2022 as a platform for systematic discussions on the development of the power new industry. The ‘Power New Industry Activation Forum Conference’ held that day was hosted by the Korea Smart Grid Association and sponsored by the Ministry of Trade, Industry and Energy. The event included an award ceremony for the Minister’s Award and the Association President’s Award, as well as presentations and discussions by representatives from various sectors on cases of activation in the Virtual Power Plant (VPP) industry.

CEO Shin So-bong of Merlo Lab is receiving the Minister of Trade, Industry and Energy Award at the "Electric Power New Industry Activation Forum Conference" held on the 19th. / Photo by Merlo Lab

MerloLab is a company that holds a portfolio of IoT systems and energy management businesses based on Mesh Network core technology. In August last year, through demonstration cooperation with the Korea Power Exchange, it achieved the world’s first implementation of ‘Fast DR’. Using more than 3,500 large-scale IoT lights installed in eight buildings of the Jungbu Complex Logistics Terminal in Sejong City, it succeeded in adjusting demand within a short time of less than 2 seconds when the power system frequency fluctuated.

CEO Shin Sobong was recognized for the success of this Fast DR demonstration and received the Minister of Trade, Industry and Energy Award. This technology automatically adjusts the brightness of thousands to hundreds of thousands of interconnected lights in large industrial complexes, thereby saving electricity costs for the entire company and enabling efficient energy management. Furthermore, by connecting numerous surrounding sensors to the lights, it allows for easy completion of smart buildings.

CEO Shin Sobong said, “I am honored that MerloLab’s technology is being used to meet the national need for carbon neutrality,” and added, “We will continue to do our best to platformize so that Merlo’s innovative IoT technology can be applied in various fields.”

MerloLab voluntarily withdrew its preliminary review for KOSDAQ listing early last year considering the timing of business full-scale launch. The company plans to re-challenge this year after securing sales orders and supply capacity. The listing sponsor is NH Investment & Securities.

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