South Korea and the US have signed a deal to collaborate on research into smart grid technology, energy efficiency, renewable energy and energy storage systems.

The exchange in scientific and technical research is intended to promote and advance joint investigations and development projects through workshops and direct bilateral co-operation.

The joint initiative may provide acceleration for lithium battery manufacturers in South Korea, which have been competing for growing market share with Japan for global leadership. The agreement specifically covers the development of smart grid technology and grid-scale energy storage modules.

Last year, the South Korean government launched a $65 million initiative consisting of a fully integrated smart grid system for residential application, in collaboration with industry and wind farms. South Korea anticipates it will have a nationwide smart grid by 2030.