Bitgaram Energy Valley [Courtesy of KEPCO]
XNTree, a British finance technology firm, has been selected as a business partner for a project pushed by a state-controlled electric utility giant to build a smart city for the first time in South Korea.
Korea Electric Power Corp. (KEPCO) said the two companies signed a letter of intent in Seoul Tuesday for the "Smart City" project aimed at solving urban problems such as power shortages by using the Internet on things (IoT), big data, and information and communication technology.
XNTree, based in London and specialized in promoting finance technology (FinTech) startups, set up a smart city hub in Canary Wharf, the heart of London's financial businesses.
KEPCO will establish the smart city in the "Bitgaram Energy Valley" in Naju, some 280 kilometers (153 miles) south of Seoul, that will house some 500 new energy-related companies. KEPCO also plans to invite startups for smart grids, electric vehicles and cyber security solutions in the valley.
"With XNTree, we will turn the Bitgaram Energy Valley into a global center of the innovative ecosystem," said KEPCO CEO Cho Hwan-eik.
Aju News Park Sae-jin = swatchsjp@ajunews.com
KEPCO will establish the smart city in the "Bitgaram Energy Valley" in Naju, some 280 kilometers (153 miles) south of Seoul, that will house some 500 new energy-related companies. KEPCO also plans to invite startups for smart grids, electric vehicles and cyber security solutions in the valley.
"With XNTree, we will turn the Bitgaram Energy Valley into a global center of the innovative ecosystem," said KEPCO CEO Cho Hwan-eik.
Aju News Park Sae-jin = swatchsjp@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
