Nokia, LS ELECTRIC sign MoU to develop ICT solutions and new service models
Seoul, South Korea. 16 June 2022 – Nokia announced that Nokia and LS ELECTRIC, a provider 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 centre 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 modernise its infrastructure to provide solutions to its customers.
Industrial-grade Nokia private wireless solutions, Data Centre 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 centre business and EV charging businesses to support implementation strategies.
Nokia has deployed mission-critical networks to more than 2,200 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 provider of private wireless networking worldwide.
Jong-Woo Kim, president and COO, Global Services at LS ELECTRIC, says, “We are excited to work with Nokia to develop new competencies and modernise our infrastructure, to provide solutions and leverage new business models. Nokia is our existing partner and we are confident that its proven expertise and solutions will help us realise our business vision.”
Josh Lee, head of enterprise at Nokia Korea, says, “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.”