(EnergyAsia, April 18 2016, Monday— US industrial giant GE and South Korea’s LSIS said they have agreed to undertake “comprehensive cooperation” in developing and implementing smart energy solutions.

The companies have signed a memorandum of understanding (MoU) to collaborate extensively on manufacturing innovation, as well as on smart grid solutions such as energy storage systems (ESS) and microgrids including eco-friendly power products.

GE chairman Jeff Immelt and LSIS chairman Koo Ja-Kyun, who witnessed the MoU’s signing, discussed opportunities and long-term cooperation between their companies.

According to the MoU, GE and LSIS will work together across the power and energy businesses including eco-friendly power products, power transmission and distribution solutions, smart energy as well as smart factories to realise the next phase in manufacturing with the Internet of Things (IoT).

The companies will jointly develop SF6 free power equipment specifically in the area of 400 kV Gas Insulated Busducts (GIB) and 170 kV Gas Insulated Substations (GIS). Grid Solutions, a GE and Alstom joint venture, has jointly developed with 3M™, a clean alternative, Green Gas for Grid (g3).

LSIS said it expects its cooperation with GE to accelerate the development of eco-friendly switchgear fit for domestic power systems.

“Both parties plan to continue cooperation for the Smart Grid segment in general, including ESS (recently certified by UL<http://ulstandards.ul.com/about/>) and microgrids,” said GE.

Using LSIS’s automation technology and GE’s digital and industrial Internet solutions, the Korean firm plans to develop advanced manufacturing innovation and implement smart factory technologies. Following last year’s global agreement on climate change in Paris, countries and companies are under pressure to reduce greenhouse gas emissions.

LSIS chief technology officer Hahk Sung Lee said:

“In light of the Paris Agreement and the implementation of the emissions trading scheme, this is a great opportunity to cooperatively target the world’s eco-friendly energy segment with a global company like GE. We will strive to maintain our active and close cooperation so that it will lead to strengthening our competitiveness.”

GE Korea President and CEO Chris Khang said:

“The collaboration with LSIS is a part of GE’s strategy which pursues growth with Korean companies. GE, by providing advanced technologies and global networks in the energy and power industries, expects to create synergies along with LSIS in the energy industry.”

LSIS, a South Korean provider of electric power system, automation and smart grid solutions, aims to contribute to the reduction of the world’s carbon output.

GE, the world’s leading digital industrial company, aims to serve the world with its technology solutions. GE Energy Connections designs and deploys technology to transport, convert, automate and optimise energy to ensure the safe, efficient and reliable supply of electrical power.