LS ELECTRIC and Nokia have signed a Memorandum of Understanding (MoU) to collaborate on creating intelligent and analytics-based platforms to evaluate the performance of utility assets. This platform will allow LS ELECTRIC's customers to proactively manage mission-critical asset performance by identifying root causes and adapting to changing conditions in order to better maintain or replace assets quickly and efficiently. Under the agreement, LS ELECTRIC and Nokia will conduct a Proof of Concept (PoC) trial of Nokia's SpaceTime asset lifecycle optimization application, prior to rolling out the solution to LS ELECTRIC's customers.

By leveraging the solution's risk analysis capabilities, customers can improve operational efficiency by maximizing asset lifespan and improving visibility of their probability of failure. Nokia's SpaceTime asset lifecycle optimization platform – based on big data analytics and machine learning technology – will enable LS ELECTRIC to enhance its offerings in the utility asset market by adding assessment capabilities to its asset portfolio.