Proving the Business Case for the Internet of Things

Russia and South Korea collaborate on smart energy

Steve Rogerson
November 13, 2018
Russian venture capital company RVC is helping South Korea’s LSIS develop smart energy systems.
At last month’s International Open Innovations Forum in Moscow, RVC and the Korean electric power company signed an MoU to exchange technological innovations in the field of equipment, software, engineering and services for the electric power systems market.
This is part of the implementation of Russia’s EnergyNet national technology initiative roadmap. The MoU was signed by Mikhail Antonov, director for innovative infrastructure development at RVC, and Bong Hyun Kwon, executive vice president of LSIS.
The main direction of cooperation will be the exchange of experience in the development and introduction of technologies in smart energy and a commercial introduction of innovations in the Russian and Korean markets. The parties will provide each other with expert and engineering support and assistance in promoting the products of domestic companies abroad.
The memorandum was signed within the framework of the implementation of the roadmap of the EnergyNet initiative, aimed at the development of a multi-scale integrated systems market and services for smart energy systems in Russia.
"In the field of development of the electrical power sector, our countries face similar tasks: optimisation of energy consumption, reduction of accident rates at power plants and in the grid network, and the improvement of user-friendly features for the end-users," said Antonov. “We highly appreciate the support of the Korean partners and we are confident that the exchange of experience between our countries will help to promote domestic innovation companies to international markets.”
The road map of EnergyNet was approved by the Russian Federation in 2016. It aims to develop technologies in the electric power industry, create products and develop markets for an efficient and user-friendly ecosystem for interaction between the energy producers and consumers.
"Today's signing is our first experience of cooperation with Russia," said Bong Hyun Kwon. “Korea has a rich experience in the development of smart technology systems and we believe these technologies have a great future. This venture is a significant contribution to our cooperation.”
According to the roadmap plans, by 2035 the volume of revenues of Russian companies in the global integrated systems and smart energy systems services market should be at least US$40bn a year. Domestic manufacturers aim to take a significant share in the international market: reliable and flexible distribution networks 10-12%; smart power generation distribution 3-6%; and consumer services 3-6%.
RVC has been cooperating with South Korea in the field of innovation since 2014. RVC partners include major Korean development institutions, universities and corporations.
The main objectives of RVC are to stimulate the development of the private venture investment industry in Russia and implement the functions of the Project Office of the National Technology Initiative.
LSIS’s network consists of more than 20 foreign branches and subsidiaries. Its equipment is manufactured at nine factories in Korea and abroad. It exists since 1974. A representative office was opened in Moscow in April 2014.