Hyundai Electric, Hyundai Heavy Industries (HHI) Group's power equipment and energy solution affiliate, is developing a cloud-based smart energy platform in Banwol-Sihwa Industrial Complex in Gyeonggi-do, which is Korea's largest industrial complex.

Hyundai Electric attended the 'joint declaration ceremony to create smart green industrial complexes' held at the Smart Manufacturing Innovation Center (SMIC) of Banwol-Sihwa Industrial Complex on October 27.

Among the participants were Cho Seok, CEO of Hyundai Electric; Sung Yun-mo, Minister of Trade, Industry and Energy of Korea; and other representatives from the government, industry, academia, and research institutes, who resolved to work closely with each other to successfully create smart green industrial complexes.

The creation of smart green industrial complexes refers to the conversion of the existing industrial complexes into digital-based, smart, and environmentally friendly manufacturing facilities. In this ambitious initiative declared by the government, Hyundai Electric is partaking in the smart energy platform project, taking charge of establishing an online and offline platform for smart energy management at Banwol-Sihwa Industrial Complex.

Smart green industrial complexes, a symbol of the Korean New Deal announced in July, is expected to play a leading role in reinvigorating the economy. This year alone, a total of KRW 78.5 billion has been funneled to seven industrial complexes to carry out relevant projects in 10 different areas.

Whereas the conventional energy management system operated separately for each business establishment, a cloud-based energy platform will enhance the management efficiency and maximize the cost reduction and energy savings on the part of service users.

Banwol-Sihwa Industrial Complex, which is sitting on a site of 38 million square meters and is home to some 20,000 manufacturers of industrial materials and parts, is a huge energy guzzler accounting for almost half of the total energy consumption by all industrial complexes located in Gyeonggi-do. Hyundai Electric's establishment of a smart energy platform is expected to help achieve continuous energy savings in this complex.

Once the smart energy platform is completed, Hyundai Electric intends to engage in a wider range of related lines of business, including energy monitoring for users and other green energy initiatives, such as RE100 (Renewable Energy 100%) and ESS (Energy Storage System).

"We look forward to a successful establishment of the smart energy platform and will leverage that success to grow into a total energy solution provider that offers a variety of services on a single platform, including power equipment, energy facilities, and energy management services,” said Mr. Cho, CEO of Hyundai Electric.

Immediately following the joint declaration ceremony, Hyundai Electric also participated in the conference to encourage cooperation in the smart green industrial complex project, together with Korea Electric Power Corporation (KEPCO), Korea East-West Power, KT and LG U+ (two of Korea's largest telecommunications companies).