Vice President Won-jae Choi, “To become Korea’s top energy platform company by 2025”
Merlot Lab (CEO So-bong Shin), an IoT-based energy platform company, announced on June 16 that it would make 2021 the first year of establishing itself as a major energy platform firm in South Korea.
Launched in 2012, Merlot Lab is a company that supports customers' carbon-neutral policies and ESG (Environmental, Social and Governance) management. Merlot Lab developed an eco-friendly solution that can easily manage and control at once the illuminance and energy efficiency of the thousands of lights at each business site, after noticing that large amount of greenhouse gas emissions is emitted by electricity consumption. Holding 24 patents in Korea, China, Europe, and the U.S., this solution is the only one among related products that can be delivered through public private contracts.
The solution is optimized for the emerging DR (demand resource trading) market in Korea, in which a company can receive economic rewards if it saves a certain amount of electricity. The solution is widely used by global steel companies, public institutions, logistics companies, and the distribution industry because they can draw attention by earning profit while practicing eco friendly management.
Recently, Merlot Lab is accelerating its initial public offering (IPO) to realize it this December. It plans to focus on research and development and the expansion of market base with funds raised through the listing. As Merlot Lab has been recognized for its technological prowess and economic feasibility in the market, it is confident about going public within this year. Since 2014, Merlot Lab has attracted investment from leading institutional investors, traditional manufacturing firms, mobile carriers, and IT platform companies.
Vice President Won-jae Choi said, “Despite the growing need for carbon-neutral practice, it is difficult to rapidly expand new and renewable energy or reduce the amount of power generated by nuclear and coal-fired power plants right away. A realistic way to solve this problem is reducing the amount of electricity used through a solution.” He added, “Merlot Lab’s IoT solution is the optimal alternative as a demand-based power reduction model. Since it is the only demand-based management solution, it has the ability to support client companies’ eco friendly management.”
Merlot Lab also strives to support renewable energy using solutions. Its solution compensates for the volatility of renewable energy, and it ensures the stability of electricity supply in related facilities and workplaces by adjusting the illuminance when there is insufficient amount of electricity from new and renewable energy. In case of the overproduction of electricity, the solution raises illuminance efficiency to the maximum to avoid overloading the power grid.
Merlot Lab is working on a DR project for the private sector in collaboration with public institutions as well. Through the project, the company plans to help save energy and reduce greenhouse gas in the non-industrial sector, while guaranteeing a certain amount of profit to participating households. Compared to the industrial sector, GHG reduction in the non-industrial sector is relatively easier and can have effects in a short period of time. Currently, greenhouse gases emitted from non-industrial sectors such as homes account for about 40% of domestic greenhouse gas emissions.
Vice President Choi said, “We are leading the distribution of energy management solutions for both industrial and non-industrial sectors, which will be the basis of realizing the critical carbon-neutrality.” The company is also striving to improve the treatment of its employees to improve competitiveness. Merlot Lab was listed as an Innobiz and a youth-friendly small and medium-sized firm, practices the flexible working system, and has no restrictions on meal subsidies.
CEO So-bong Shin said, “In the era of the 4th industrial revolution, we are focusing on developing energy-saving solutions optimized for Korea. We want to be recognized as a company of integrity and honesty throughout the world.”
By Staff Reporter Joong-kwon Lim lim9181@etnews.com