SK Telecom (NYSE:SKM) today announced that it signed a Memorandum of Understanding (MOU) with Honeywell Korea, the leading provider of automation and control solutions. This MOU brings about the integration of SK Telecom’s LoRa network technology with Honeywell’s sensor and control devices across homes, buildings and factories.

Under the MOU, SK Telecom and Honeywell Korea will jointly develop wireless sensors based on SK Telecom’s LoRa network technology. Honeywell Korea plans to launch the LoRa-capable products including thermostats, presence sensors, pipe temperature sensors and fire safety products in the first quarter of 2017. 

Wireless sensors applied with LoRa network technology can be easily installed in new homes/buildings and can also replace the existing sensors, significantly driving down the construction and labor costs.

“Through the MOU, we will work closely with Honeywell Korea to expand the IoT market by combining our leading IoT technologies with Honeywell’s global top products in the field of automation and control,” said Kwon Song, Executive Vice President and Head of IoT Solution Division of SK Telecom.

“With the application of SK Telecom’s IoT network technologies, we not only expect to strengthen our competitiveness and leadership through the provision of differentiated products, but also hope to enter into the IoT-based smart home market,” said Hong Soon-Ho, the President of Honeywell Korea.