Nokia, LS ELECTRIC sign a Memorandum of Understanding to develop ICT solutions and new service models
Nokia and LS ELECTRIC, one of South Korea’s largest producers of electric power equipment and automation systems, said on Thursday that they have signed a Memorandum of Understanding (MoU) to develop ICT-based solutions for new service models. The two businesses will work together to create a model for industrial automation, data centers, and EV charging services. As part of the partnership, Nokia and LS ELECTRIC will look at potential prospects for 5G private wireless networks. LS ELECTRIC will be able to update its infrastructure as a result of the agreement, allowing them to deliver market-leading solutions to its clients.
“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,”Jong-Woo Kim, President, and COO, Global Services at LS ELECTRIC, said.
LS Electric will leverage the Nokia Data Marketplace to gain new operational competencies, including industrial-grade Nokia private wireless solutions, Data Center Fabric, and EV charging solutions. As part of the MoU, Nokia will assist with implementation strategies by providing technical knowledge and solutions related to smart industrial infrastructure, data center business, and EV charging business.
“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,”Josh Lee, Head of Enterprise at Nokia Korea, said.
Over 2,200 major corporate clients in the transportation, energy, big enterprise, industrial, webscale, and public sector areas have implemented mission-critical networks with Nokia. It has also expanded its expertise to more than 450 significant private wireless customers globally across a variety of industries and has been acknowledged as the premier provider of private wireless networking by various industry experts.
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