CJ Hello, the entertainment and media unit of South Korea’s CJ Group, said on Thursday it has kicked off ‘Power Cloud’ business to provide energy-saving services to commercial buildings using artificial intelligence, Internet of Things and other emerging technologies.
As its first step for the new business, CJ Hello has prepared for a full-scale entry into the market for the energy storage system (ESS), which can capture and store excess electricity and release the energy when demand increases.
CJ Hello won a 7 billion won ($6.54 million) contract to install an energy storage system in Seoul National University late last year, marking the country’s first private-public partnership in ESS areas. The company already sealed similar ESS contracts with 15 organizations across Korea, it said.
The government is seeking to mandate public agencies to deploy ESS to cover more than 5 percent of their contract electricity that exceeds 5,000㎾.
CJ Hello also plans to develop a home smart energy manager to expand its energy management business to homes.
By Kim Byung-ho and Minu Kim
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]