Korean Company Joins YSU in Research Collaboration
YOUNGSTOWN, Ohio -- Youngstown State University’s Research Foundation today signed a memorandum of understanding with Power Plaza Co. Ltd, of Seoul, South Korea, to foster electric vehicle technologies research in Northeast Ohio. This is the university research foundation’s first MOU with an international company, and it was accomplished through the efforts of the Youngstown/Warren Regional Chamber, officials said.
The memorandum of understanding will allow Power Plaza to work with YSU’s STEM College and its electrical engineering department. Final research collaboration details will be worked out in the next several months with a tentative start date of January, the university said.
“YSU is especially pleased to partner with Power Plaza in technologies such as battery management systems research," said the dean of YSU's STEM College, Martin Abraham. "It will be great to have students and faculty of the STEM College interacting with the company to help grow the industry in the Mahoning Valley and the TechBelt.”
Power Plaza designs and manufacturers components in the power conversion and power supply business. Its core product lines are used in many industrial applications, from utilities and telecommunications to the automotive sector.
The company is making efforts to be a supply chain leader in advanced electric vehicle technologies implementation, including tentative plans to launch its own electric vehicle line initially in the Asian market in the next 24 months.
Power Plaza would station an engineer for research work here and would also have YSU STEM interns work in the company’s South Korean research lab.
Key Hwang, representing the Korean company at the signing ceremony, said Power Plaza also may initiate research collaboration with the University of Akron, which the company visited while attending YSU’s Sustainable Energy Forum this year. That trip was arranged by the TechBelt Energy Innovation Center, based in Warren.
Eric Planey, the Regional Chamber’s vice president for international business attraction, first met Power Plaza representatives while attending a trade show in Korea in February, a trip partially sponsored by the Korean trade agency KOTRA.
“The research and development of today is the potential job creation of tomorrow, and the Valley is positioning itself to be a leader in next generation automotive technologies.” Planey said.
Published by The Business Journal, Youngstown, Ohio.