Contracts struck to develop energy development hubs

Home > Business > Industry

print dictionary print

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.

More in Industry

Soaring iron ore prices batter Korea's steelmakers

BTS among performers at Lotte Duty Free 40th anniversary concert

[TEST DRIVE] New Chevrolet Colorado can handle anything Korea throws at it

Tada tries again with new taxi ride-hailing service

Kia plant hit with infections for second time this month

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now