ENGLEWOOD CLIFFS, N.J., Dec. 20, 2012 /PRNewswire/ -- LG Electronics (LG) announced today that it has signed a Memorandum of Understanding (MOU) with U.S.-based Pecan Street Inc. to participate in a smart grid demonstration project in Austin, Texas. As part of this two year project with Pecan Street's Industry Advisory Council, LG will contribute its expertise to this unique research of smart homes, energy management and consumer electronics. The company's primary focus will be the development of effective home energy management systems.
"In addition to our leadership in energy-efficient smart appliances, our involvement with Pecan Street demonstrates LG's ongoing commitment to smart grid technology," said Skott Ahn, Chief Technology Officer of LG Electronics. "We are excited for the opportunity to further promote the burgeoning smart grid industry, both domestically and globally."
Pecan Street Inc. is conducting one of the world's most unique and advanced consumer energy research trials in Austin. More than 450 volunteer homeowners are testing energy and consumer electronic products and services while their energy use is analyzed. Since the research began, more than 60 residents have acquired electric vehicles and more than 200 homes have installed rooftop solar.
For its part in the demonstration, LG will install its advanced air conditioners, smart refrigerators, smart washing machines, LED lighting and Home Energy Management Systems (HEMS) in participating homes. LG's technology and smart grid-ready products will also be on display locally at the Pike Powers Lab, the nation's first non-profit smart grid research lab for carrying out research, commercialization and educational activities.
LG has been deeply involved in the Jeju Smart Grid Project in Korea since 2010, along with fellow participants LG Chem, LG Uplus, LG CNS, and GS E&C. LG also joined the German government's Smart Watts project in the city of Aachen in 2011, becoming the first Korean company to export its smart grid expertise to Europe.
LG joins several other high-profile companies that are working with Pecan Street including Dell, Intel, Sony, Oncor, OnStar and SunEdison.
About LG Electronics, Inc.
LG Electronics, Inc. (KSE: 066570.KS) is a global leader and technology innovator in consumer electronics, mobile communications and home appliances. With 117 operations around the world, LG achieved global sales of USD 49 billion (KRW 54.26 trillion) in 2011. LG comprises four business units – Home Entertainment, Mobile Communications, Home Appliance, and Air Conditioning & Energy Solution – and is one of the world's leading producers of flat panel TVs, mobile devices, air conditioners, washing machines and refrigerators. LG Electronics is a 2012 ENERGY STAR® Partner of the Year. For more news and information on LG Electronics, please visit www.LGnewsroom.com.
About Pecan Street Inc.
Headquartered at the University of Texas at Austin, Pecan Street Inc. carries out research trials and commercialization testing to accelerate the innovation cycle of consumer and commercial applications that integrate big data, distributed generation and smart grid technologies. Pecan Street is a 501 (c) (3) organization. Learn more at www.pecanstreet.org.
SOURCE LG Electronics USA, Inc.