A smart factory from LS Electric was awarded at the World Economic Forum for its innovative technologies and efforts to increase energy efficiency, the company said Thursday.

According to the South Korean power solutions producer, its smart factory in Cheongju, North Chungcheong Province, was among winners of the “Lighthouse Factory” title awarded to factories that set an example in the manufacturing industry for effectively utilizing next-generation technologies like artificial intelligence, Internet of Things and cloud computing.

The title has been awarded twice every year, since 2018. LS Electric is the second South Korean company to receive the title after Posco, who won in 2019.

The judges cited LS Electric’s capability to quickly respond to consumer requests and reduce production costs with technology as the reason for the recognition. The company’s homegrown energy management solution, which increased power efficiency at the factory, was another factor in their decision.

Some 20 other locations operated by international firms such as Johnson & Johnson and Schneider Electric were given the Lighthouse Factory title as well.

“This will mark a huge achievement in the group since declaring a digital transformation in 2015,” said LS Group Chairman Koo Cha-yol at the online event.

“Other affiliates of LS attempting to digitize their systems will benchmark (the Cheongju factory) and further increase the level of innovation in the group.”

Separately, Koo also won the Genie Award a day earlier at the Global Emerging Network in Economy forum held in Jeonju, North Jeolla Province, that was organized by 10 public organizations, the group said. Koo was recognized for his continued investment and commitment to environmental, social and governance issues.