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| SK Telecom CEO Jang Dong-hyun, right, and Korea Electric Power Corp. Chairman Cho Hwan-ik pose after signing an agreement to cooperate for new businesses based on smart grid, big data and the Internet of Things technologies. / Courtesy of SK Telecom |
By Yoon Sung-won
SK Telecom, the nation's top mobile carrier, said Wednesday it will work with Korea Electric Power Corp. (KEPCO) for new growth businesses including smart energy management systems.
Under the agreement, the telecom company and the state-run power operator will jointly establish the next-generation electricity infrastructure and develop the smart grid systems based on the information and communication technology and energy technologies.
"The world-class electrical grids established by KEPCO and SK Telecom's information and communication technologies will combine to enhance efficiency of national energy supply and consumption," said SK Telecom CEO Jang Dong-hyun.
"The collaboration will also lead to the creation of a win-win business model with local small and medium enterprises."
KEPCO Chairman Cho Hwan-ik said, "The two companies have leading technological capabilities in electricity and telecom, respectively. The collaboration is expected to create new growth engines and synergy effects for the overseas markets."
Under the agreement, the two companies will work to upgrade the advanced metering infrastructure, enhance energy consumption efficiency through telecom technologies and built nationwide smart grid by introducing smart technologies on electricity grids.
SK Telecom and KEPCO will also build the "Bitgaram Energy Valley" district in Naju, South Jeolla Province, where the KEPCO headquarters is located, to promote mutual growth with smaller companies and the local economy. SK Telecom said it will open a laboratory to support research and development activities by small companies.
For future growth engines, the two will seek for new businesses based on the Internet of Things (IoT) and big data technologies. For this, they plan to operate a joint consultative body which includes working-level experts to boost the execution of new businesses.
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