- A comprehensive MoU to cooperate on power and smart energy solutions
- Developing eco-friendly power products using g3
- Collaborating in manufacturing innovation for smart factory solutions
CAIRO and PARIS – April 18, 2016 – GE (NYSE: GE), today announced that it has signed a contract worth approximately $250 million with the Egyptian Electricity Transmission Company (EETC) to provide the company's advanced grid solutions technologies to substations located in Mostathmereen, Beni Suef Industrial, Ismailia East and Temay Alemdeed. These four Gas-Insulated Substations (GIS) will help connect 7 gigawatts (GW) of power to the national grid, which is the equivalent to the electricity needs of more than 6.5 million Egyptian homes. This will be crucial to reinforce Egypt's network during periods of peak demand.
KOREA and PARIS – April 14, 2016 – GE (NYSE: GE), and LSIS signed a Memorandum of Understanding (MoU) for comprehensive cooperation in power, smart energy, and smart factory solutions. The companies will 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 witnessed the MoU, and had a discussion on future business opportunities and long term cooperation.
According to the MoU, the parties will work together across the power and energy businesses, including both domestic and global eco-friendly power products, power transmission and distribution solutions, smart energy, as well as smart factories needed to realize the next phase in manufacturing with the Internet of Things (IoT).
The pressure to reduce greenhouse gas emissions continues with the 2015 Paris Agreement on Climate Change. Both companies will co-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 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) and microgrids. In addition, LSIS plans to develop advanced manufacturing innovation and implement smart factory technologies. This will be based on LSIS' automation technologies combined with GE's digital and Industrial Internet solutions.
LSIS CTO 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 & 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.”