Contracts struck to develop energy development hubs

The state-run Korea Electric Power Corporation (Kepco) announced on Tuesday it reached investment contracts with some 25 companies, including ABB Korea, a Korean branch of Swiss power generation and electricity distribution technologies developer ABB Group, to jointly develop Gwangju and South Jeolla into hubs for the energy industry.

ABB Korea is the first foreign company to invest in the project and will help foster start-ups and small companies into hidden champions of new energy businesses like battery-enabled energy storage systems (ESS) and high-voltage direct current electricity transmission systems.

On Tuesday, LS Industrial Systems (LSIS) also joined the project by investing 60 billion won ($49.92 million) to build large-capacity ESS facilities and solar power technology trial centers in Gwangju.

With the Tuesday contracts, Kepco has cumulatively attracted a total of 247.6 billion won from 57 companies into its Energy Valley building project in Naju, a small city near Gwangju where its new headquarters are located.