In East Asia, South Korean energy solution company LS Industrial Systems (LSIS) on Tuesday signed an agreement with telecoms firm KT for the co-development of smart energy solutions.
Under the terms of the agreement, the two companies will combine their ICT and energy solutions to support smart grid, advanced metering infrastructure projects and set up telecom networks for electricity grids.
They will also work together to build self-supporting energy systems on remote islands at home and abroad.
Shin Kyu-shik, senior executive vice president of KT, told the Korea Times: "The co-operation between KT and LSIS came as the two companies have been expanding their presence in smart energy, connected to information and communications technology."
The pair will also cooperate in joint sales activites in the long term in smart energy.
LSIS President Han Jai-hoon said: "We believe that KT's expertise in converged technology and our know-how in smart energy will result in more business in the domestic and global markets."
Currently, KT is expanding its presence in the global smart energy market by implementing its hybrid energy efficiency solution KT-Micro Energy Grid (KT-MEG) in Vietnam and Uzbekistan.
Energy efficiency in smart grids
In other LSIS news, in early October the electrical manufacturer launched an energy efficiency system for factory management, GridSol Station.
The factory energy management system (FEMS) is expected to reduce energy consumption by 25% a year, equivalent to savings of US$84,500 won a year, reported Metering and Smart Energy International.
The FEMS monitors the total energy a factory generates from renewable energy sources and energy saved by utilisation of the energy storage system.
To develop GridSol Station, LSIS spent 6.7 billion won (US$854,000) to build a FEMS facility in its Cheongju factory in South Korea's North Chungcheong Province.
Kwon Yong-jik, the company's marketing team manager said half of the investment costs was spent on setting up solar panels on roofs of Cheongju factories.
The developments in South Korea's smart grids follows a report by New research on smart grid equipment market in the East Asian country forecasts a growth by more than 20% during the five years to 2019.
The study finds that rapid industrialisation and increased investment in the renewable energy sector will drive the growth of the market.
South Korea is likely to invest in smart meters, software and hardware, smart T&D equipment, communication and wireless network infrastructure and sensors over the next three years, according to the market research.