Reduce microgrid energy storage costs by 80%
Development of technology to lower electricity generation fuel costs

Eaton Electrical Korea, a power management specialist, announced that Eaton took second place in the Innovation category of the Berkeley-Haas Open Innovation Award. In particular, the company explained that Eaton's microgrid energy system was recognized as a prime example of utilizing open innovation. Eaton was evaluated as having gained a strategic advantage by sharing information through a network of global experts via open innovation, and for leading transformation by solving complex problems through this process.

According to Eaton, the microgrid energy system was designed to simplify the complex structure of microgrids and ESS (energy storage systems) to enable rapid deployment, and it stated that it collaborated with experts from various fields, including universities, government research institutes, and non-profit organizations, to successfully build the microgrid program. Eaton also stated that it has developed technology with its partners to reduce energy storage costs for microgrids by 80% and lower fuel costs for electricity generation, and that in the process of carrying out this project, Eaton has laid the groundwork for advancing and disseminating technologies such as renewable energy, software, and cybersecurity.

Park Pyung-won, General Manager of Eaton Electrical Northeast Asia, stated, “I am delighted that Eaton’s efforts, which have continuously challenged ourselves based on the belief that it is difficult to drive innovation with the knowledge of a single organization alone, have been recognized by this award,” adding, “Eaton has laid the foundation for open innovation, and moving forward, we will accelerate innovation by collaborating with experts inside and outside Eaton to respond to the needs of diverse customers around the world.”

The Open Innovation Award is jointly presented by NineSigma, a global open innovation service specialist, and the Garwood Center for Corporate Innovation at the Haas School of Business at UC Berkeley. It is awarded to business leaders who have implemented open innovation to achieve groundbreaking results. The awards ceremony took place at the 2nd World Open Innovation Conference.

Dr. Henry Chesbrough of the Gaud Centre explained the purpose of the award, stating, “Companies can feel their businesses becoming more robust and customer satisfaction increasing as the innovation process becomes more open.” He added, “Groups possess more knowledge than individuals, and companies with this understanding are fundamentally changing the way they solve problems, compete, and collaborate.” Dr. Chesbrough established the concept of the term “Open Innovation.”