Gwacheon-si, Republic of Korea — (METERING.COM) — January 25, 2010 – Korea’s ministry of knowledge economy has announced the signing of a memorandum of understanding with the Illinois Department of Commerce to set up a pilot program to create smart grid technology at a facility on Jeju Island.
According to a local newspaper report, under the MOU technologies that are developed through this partnership and are deemed viable for commercialization will be rolled out both in Illinois as well as in Korean cities.
The ministry was quoted as saying that Illinois has one of the strongest electricity industrial bases in the U.S., so the commercialization of Korean-made smart grid technologies in that state will serve as a launching pad to expand across the country.
“The signing of the MOU could be a stepping stone for [Korea] to get into the world’s largest [smart grid] market, and to make that happen, the government will offer plenty of support,” Knowledge Economy minister Choi Kyung-hwan was quoted as saying.
Korea is further looking to develop the smart grid market as part of the country’s five-year, 107 trillion won ($94.0 billion) green growth initiative.