Hyundai Electric to build world’s largest ESS in UlsanHyundai Electric, a supplier of electrical equipment, signed a 50 billion won ($45 million) deal on Thursday with metal smelter Korea Zinc to build the world’s largest energy storage system.
The facility will serve Korea Zinc’s factory in Ulju County, Ulsan. After its completion in November, it will be able to store up to 150 megawatt-hours of electricity.
Energy storage systems are like giant batteries that hold electricity and dispense power when needed. It is a core facility for renewable energy generators.
Korea Zinc, the country’s largest producer of non-ferrous metals, intends to save energy costs from the facility and retrieve its investment within three years.
According to research firm Navigant Research, the market for energy storage systems reached $2.6 billion last year and is forecast to grow tenfold to $29.2 billion by 2025.
Earlier this month, Hyundai Electric announced it would build a 50-megawatt-hour energy storage system for Hyundai Heavy Industries’ headquarters in Ulsan.
By Song Kyoung-son