LG Energy Solution Ltd. and the Research Institute of Industrial Science and Technology (RIST) said on Wednesday they agreed to conduct a joint research project to develop smart factory technologies.

Among the technologies the country’s top battery maker and the Posco-founded think tank plan to develop together is a “digital twin,” a virtual representation that serves as the real-time digital counterpart of a physical space to predict possible problems through various simulations.

Under a deal signed on Tuesday, smart factory-related technologies developed by RIST such as three-dimensional modeling using Light Detection and Ranging will be applied first to LG Energy Solution’s projects.

The two also plan to conduct joint research on remote monitoring and process technology. They will also share personnel, technologies, research facilities and equipment.

Established by Posco in 1987, RIST conducts research on rechargeable batteries, hydrogen, renewable energy and smart factories, among others.

LG Energy Solution’s Chief Product Officer Kim Myung-hwan, Chief Data Officer Byun Kyung-seok and RIST President Nam Soo-hee attended the signing ceremony on Tuesday at LG Energy Solution’s factory in Ochang, North Chungcheong Province.

By Kim So-hyun (sophie@heraldcorp.com)