| LSIS Vice Chairman Koo Ja-kyun, center, was briefed over details of high-voltage direct current (HVDC) products by the company's executives on the sidelines of his participation of this year's CIGRE event in Paris, France, Thursday. / Courtesy of LSIS |
Company agrees with Alstom to expand partnership
By Kim Yoo-chul
LSIS Vice Chairman Koo Ja-kyun said Thursday that the nation's biggest supplier of electric equipment will accelerate its drive to foster the ICT-based "smart convergence solutions" field.
"The next trend in the global electricity market should be ‘smart convergence solutions,' meaning that we are being asked to develop solutions for effective energy management by utilizing our proven competitiveness in system software and network communications technologies," Koo said in a statement.
Koo said it aims to generate greater sales by shifting its focus on converged services.
"With convergence solutions, our overseas sales will eventually outpace domestic sales," he said.
Koo has actively held a series of meetings with global business leaders to discuss the upcoming changes in future electricity system fields.
According to LSIS spokesman Kim Bong-kyu, the vice chairman believes stronger international partnership will significantly help it transform as the global leader in converged solutions.
Koo has been taking part in the CIGRE (Conseil International des Grands Reseaux Electriques) 2014 in Paris, which runs from Aug. 25-29.
The company has agreed with French electric engineering giant Alstom to expand partnership to more than the existing high-voltage direct current (HVDC) segment, on the sidelines of the CIGRE event.
"Koo met with top executives at Alstom's Asia-Pacific and China business during the event over key pending business issues. The expanded alliance with Alstom in non-HVDC sectors, like advanced controllers, and will help us advance new markets that have higher growth potential but were previously untouched," the spokesman said.
Founded in 1921, the CIGRE is an international non-profit association for promoting collaboration with experts from all around the world by sharing knowledge and joining forces to improve electric power systems of today and tomorrow.
The vice chairman also met with chief executives at RTE, France's top-tier electricity company, and Alstom Grid.
He also checked on new business trends being pushed by its chief international rivals, including SIEMENS and General Electric.
LSIS signed a $52 million deal with the Iraqi government to supply its patented advanced metering infrastructure (AMI) solutions, there. LSIS is the first non-European company that has advanced into Iraq's electricity infrastructure market.
"Vice Chairman Koo has developed solid partnerships with global business leaders, providing a big boost to our international businesses," the spokesman said.
LSIS has so far been leading the markets for the so-called smart grid, a generic label for the application of computer intelligence and networking abilities to an electricity distribution system, and other electricity-related devices.