Silicon Valley Innovation Program Announcement

Schneider Electric (Korea Representative: Kim Kyung-rok) announced the 'Silicon Valley Innovation Program'.

This project was newly designed to discover startups developing Internet of Things and energy-related applications and to support their growth. Led by Paul Campbell, the new Vice President of Innovation, the program is set to take shape in earnest starting with the announcement of partnerships with three startups located in the Boston and Silicon Valley regions.

The 'Innovation Program' is conducted with the support of Schneider Electric's R&D resources and Aster Capital, an energy and IoT venture capital firm. Through Aster Capital's support, Schneider Electric plans to expand its open innovation strategy by increasing partnerships and investments with startups, engaging universities around Silicon Valley, and fostering open innovation. The Innovation Program aims to explore growth potential beyond existing markets and expand by identifying new opportunities.

Prith Banerjee, Chief Technology Officer at Schneider Electric, stated, “The Internet of Things presents significant opportunities for change to the energy industry as trends of urbanization, electrification, and digitalization converge. The Internet of Things is breathing new life into the market, which is very gratifying for the company’s development.” He continued, “The innovation program will serve as a foundation for Schneider Electric to approach new talent and business models,” adding, “Through this, we will provide cutting-edge technology in the field of energy management.”

Paul Campbell, Vice President of Innovation at Schneider Electric, stated, “The sweet spot for energy management innovation is the intersection of the Internet of Things (IoT) and energy. IoT technology is not only incorporated into R&D but also creates new business models that increase consumer engagement and access to new revenue patterns,” adding, “I have high expectations for this innovation program in partnership with startups that are transforming the landscape of energy.”