Hyosung Heavy Industries Signs MOU with KEPCO for Integrated Power Equipment Solutions

Business Agreement between Korea Electric Power Corporation and Preventive Diagnosis & Asset Management Sector

Jung Seung-il, President of Korea Electric Power Corporation (left), and Yokota Takeshi, CEO of Hyosung Heavy Industries (right), are posing for a commemorative photo after signing a Memorandum of Understanding (MOU). Photo by Hyosung Heavy Industries

[Asia Economy Reporter Donghoon Jeong] Hyosung Heavy Industries announced on the 1st that it has signed a Memorandum of Understanding (MOU) with Korea Electric Power Corporation (KEPCO) to establish a collaborative model for power equipment preventive diagnosis and asset management.

The signing ceremony held the previous day at the KEPCO Art Center in Seoul was attended by Takeshi Yokota, CEO of Hyosung Heavy Industries, and Seung-il Jeong, President of KEPCO, among others. This agreement was promoted to create a new integrated diagnosis and analysis solution by combining Hyosung Heavy Industries’ asset management solution with KEPCO’s comprehensive preventive diagnosis system (SEDA) and to lead the formation of a new market.

According to the agreement, Hyosung Heavy Industries will lead the development of the integrated solution, while KEPCO will provide cloud servers, networks, and technical support within KEPCO for this purpose.

Through this agreement, Hyosung Heavy Industries will enhance its asset management system by adding KEPCO’s extensive know-how in power equipment operation and advanced preventive diagnosis technology, thereby providing customers with an integrated solution that includes asset management based on more advanced diagnosis and analysis.

KEPCO’s comprehensive preventive diagnosis system possesses high technology that can improve prediction accuracy and the largest domestic database capable of collecting and analyzing various sensor data. Based on the trust built through continuous cooperation with Hyosung Heavy Industries in algorithm analysis and asset management technology for power equipment, they have decided to establish a new business model.

This agreement is significant as a public-private collaboration model project that not only pledges a foundation for win-win cooperation but also lays a foothold for both companies to leap forward in the domestic and international preventive diagnosis and asset management solution markets. Customers operating power equipment are expected to benefit from the integrated solution package of both companies by receiving various information about power equipment on a single monitor, contributing to the creation and activation of a new ecosystem in the preventive diagnosis and asset management field.

Leading the domestic power industry, Hyosung Heavy Industries has expanded its business by developing the first 154kV-class asset management system algorithm in Korea in 2015 and establishing cooperation chains with various domestic solution providers.

On this day, Takeshi Yokota, CEO of Hyosung Heavy Industries, expressed his ambition, saying, "We will not only join forces with KEPCO to establish Korea’s first business model but also set a groundbreaking benchmark for the digital transformation of power equipment and leap into the global market."