Signals Continued International Expansion for Both Companies
Washington, D.C., September 22, 2009 – LS Industrial Systems (LSIS), the leading provider of utility infrastructure in Korea, and Silver Spring Networks (SSN), a global leader in Smart Grid solutions, today executed a business cooperation agreement in a signing ceremony at GridWeek 2009, the most influential event for the Smart Grid industry. The agreement outlines complementary areas of technology expertise and establishes a roadmap for new market entry for the partnering companies.
“Silver Spring Networks is delighted to collaborate with LSIS. Our mutual work in the ZigBee Alliance allowed each team to recognize the other’s strengths as complementary,” said John O’Farrell, Executive Vice President of Business Development at Silver Spring Networks. “LS Industrial Systems is an established leader in IEC-compliant metering. This relationship will allow both companies to quickly recognize and approach new market opportunities.”
LS Industrial Systems’ complete line of IEC 62056 and DLMS/COSEM smart metering products are renowned and proven in the Asian market. By coupling LSIS’s metering and distribution network products with Silver Spring Networks’ state of the art, IP-based Smart Grid networking solution, the partners are taking the first step toward establishing a new Smart Grid leadership category in Asia. In partnership with SSN, LSIS is also working toward the development of ANSI C12 compliant smart metering for deployment in new markets.
“LS Industrial Systems is pleased to partner with Silver Spring Networks. We have been impressed with the company’s quality of execution and aggressive global expansion. As the Smart Grid is realized worldwide, we intend to leverage our expertise and presence coupled with Silver Spring’s innovative networking technologies, to create the leading Smart Grid solution,” stated Hyo-Sung Bang, Senior Vice President of Electric Power Solutions Business Group at LS Industrial Systems. “Further, we applaud and support Silver Spring Networks’ contribution to establishing global Smart Utility Network standards. We acknowledge that securing interoperability through standardization is important to both utilities and manufacturers, and we want to make every effort on international standardization work as Silver Spring Networks does.”
About LS Industrial
Established in 1974, formerly known as LG Industrial Systems, LS Industrial Systems is currently the market leader in industrial electric power and automation sectors in Korea. Recognized as “Power Distribution Equipment Company of the Year 2009” in Asia-Pacific region by Frost & Sullivan, the Electric Equipments and Systems division of LS Industrial Systems provides services in low, medium, and high voltage such as smart metering and AMI, protection and measurement, high voltage equipment and systems, low and medium voltage switchgears, and transformers. The Automation division provides PLCs (Programmable Logic Controllers), inverters, monitoring units, process control system, ITS (Intelligent Transport System), railway signing and control system. For continuing growth, LS Industrial Systems is investing into new business areas, such as power semiconductors, RFID and PCU (Power Conditioning Unit) for solar energy and automotives. With fostering four fields – electric vehicle components, green electric power IT, new & renewable energy, and environmentally-friendly electric equipment – as new growth engine businesses, the company pursues to be a global company that leads an age of what it calls “Low Carbon, Green Growth”. Further information is available at eng.lsis.biz
About Silver Spring Networks
Silver Spring Networks is a leading Smart Grid network solutions provider that enables utilities to achieve operational efficiencies, reduce carbon emissions and empower their customers with new ways to monitor and manage their energy consumption. Silver Spring Networks provides the hardware, software and services that allow utilities to deploy and run unlimited advanced applications, including Smart Metering, Demand Response, Distribution Automation and Distributed Generation, over a single, unified network. SSN’s Smart Energy Network is based on open, Internet Protocol (IP) standards, allowing continuous, two-way communication between the utility and every device on the grid. SSN has successful deployments with leading utilities in the US and abroad, including Florida Power & Light, Pacific Gas & Electric, Pepco Holdings, Inc., Jemena Electricity Networks Limited and United Energy Distribution, among others. In 2008, the World Economic Forum honored Silver Spring Networks as a Technology Pioneer. For additional information, please visit www.silverspringnet.com.
Silver Springs Network