Knowledge Economy Minister Choi Kyung-hwan and Warren Ribley, head of Illinois's Department of Commerce, signed a memorandum of understanding (MOU) on the deal that calls for the two sides to set up a pilot community in, conduct research and development (R&D) and the training of related personnel.
A smart grid refers to an emerging technology that allows real-time monitoring of electricity output and demand. The system is designed to incorporate solar panels and wind generators into the main power grid, and lets consumers store energy and sell it back to the power company.
Source: The Korea Herald
See Also: Commerce Department: NIST Framework and Roadmap for Smart Electrical Grid Interoperability Standards Release 1.0 (Draft)