Nokia, LS ELECTRIC sign Memorandum of Understanding to develop ICT solutions and new service models

Nokia, LS ELECTRIC sign Memorandum of Understanding to develop ICT solutions and new service models

Press Release

Nokia, LS ELECTRIC sign Memorandum of Understanding to develop ICT solutions and new service models

LS ELECTRIC expands its partnership with Nokia to jointly develop innovative ICT solutions and explore new business opportunities

Nokia's field-proven industrial-grade private wireless solutions will enable LS ELECTRIC to leverage the new emerging business models

16 June 2022

Seoul, South Korea - Nokia today announced that Nokia and LS ELECTRIC, one of South Korea's biggest providers of electric power equipment and automation solutions, have signed a Memorandum of Understanding (MoU) to develop Information Communications Technology (ICT) based solutions for new service models. The two companies will collaborate to develop a model for factory automation, data center and Electric Vehicle (EV) charging services. Nokia and LS ELECTRIC will also explore 5G private wireless networks business opportunities as part of the agreement. The collaboration will enable LS ELECTRIC to modernize its infrastructure to provide market-leading solutions to its customers.

Industrial-grade Nokia private wireless solutions, Data Center Fabric and EV charging solutions with Nokia Data Marketplace, will be used by LS ELECTRIC to acquire new operational competencies. As part of the MoU, Nokia will provide technical information and solutions related to smart factory infrastructure, data center business and EV charging businesses to support implementation strategies.

Nokia has deployed mission-critical networks to more than 2,200 leading enterprise customers in the transport, energy, large enterprise, manufacturing, webscale, and public sector segments around the globe. It has also extended its expertise to more than 450 large private wireless customers worldwide across an array of sectors, and has been cited by numerous industry analysts as the leading provider of private wireless networking worldwide.

Jong-Woo Kim, President and COO, Global Services at LS ELECTRIC, said: We are excited to work with Nokia to develop new competencies and modernize our infrastructure, to provide market-leading solutions and leverage new business models. Nokia is our existing partner and we are confident that its proven expertise and industry-leading solutions will help us realize our business vision.

Josh Lee, Head of Enterprise at Nokia Korea, said: The emerging business models for Industry 4.0 demand close collaboration between the enterprises and ICT-based global communication equipment companies to be better placed to leverage the market opportunities. We are pleased that LS ELECTRIC has reiterated its trust in our capabilities and solutions by extending the existing partnership.

Resources:

Web page: Private Wireless

Web page: Data Marketplace

Web page: Data Center Fabric

Press release: LS ELECTRIC and Nokia to improve asset performance with new analytics management tool for Korean utility market

About Nokia

At Nokia, we create technology that helps the world act together.

As a trusted partner for critical networks, we are committed to innovation and technology leadership across mobile, fixed and cloud networks. We create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

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Email: cordia.so@nokia.com

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