Samsung SDI, one of South Korea’s leading battery firms, is joining hands with Korea Electric Power Corp. (KEPCO) to tap into the global energy storage system (ESS) markets.
The company announced on Apr. 19 that it has signed a memorandum of understanding (MOU) with KEPCO for cooperation in the ESS sector. Under the agreement, Samsung SDI will jointly enter global markets with KEPCO when the company participates in bidding for global energy projects, and it will also supply its battery when KEPCO discovers global power business models.
The two plan to cooperate in various ESS application areas in the future. In particular, they will work together to develop smart energy grids for homes, farms, factories, and towns and energy Internet projects. Moreover, they will jointly run projects aimed at exporting Samsung SDI products, such as MV ESS, ESS for frequency responses and ESS connected to new renewable energy, to North America and Southeast Asia. Samsung SDI will supply batteries optimized to each project.
“The latest MOU will serve as a springboard for the two companies to penetrate the global energy new industry market. Samsung SDI will be able to firmly establish as one of global leading companies in the ESS sector,” said KEPCO chief executive Cho Hwan-eik.
Samsung SDI has already carrying out numerous ESS projects at home and abroad. The company signed a partnership agreement with ABB of Switzerland, a leading global technology company in power and automation, to develop ESS solutions for microgrids, or small-scale power grids for towns in March last year. It also signed a contract with North America’s largest power generator Duke Energy to supply its ESS system in July.
In addition, ESS solutions for frequency responses (FR), which has been run at KEPCO’s New Yongin Substation for the first time in the nation in July last year, and ESS solutions for microgrids, which has been constructed across the nation, are the outcome of the partnership between Samsung SDI and KEPCO.