Four companies, including Hyundai Heavy Industries (HHI), are going to invest approximately 1 trillion won into a plan to build the world’s first floating thermal power generating ship. This mobile power ship will be equipped with a liquefied gas storage integrating power generating facility and will be built by 2017.
Hyundai signed an MOU on December 10 at COEX Intercontinental Hotel with Polaris Shipping, Korea Midland Power, and Siemens.
The mobile power ship project uses a new type of technology that combines its own liquefied gas and regasification technology with the world’s most efficient-power generating facilities. A Floating Storage and Regasification Unit, or LNG-FSRU, is a facility floating at sea that transforms liquid form LNG into a usable gas by use of a vaporizing device, supplying it to various land destinations via ship or pipeline. HHI was the first to develop this ship-based processing facility.
It is expected that 990 billion won (US$939 million) will be invested in building the mobile power ship, and the operation will be started in December of 2017. The total power-generating capacity of the mobile power ship is 880MV, roughly equal to a nuclear power plant.
The first phase local pilot project of the mobile power ship will be under a function test, and then will be exported at about US$2 billion per project to the Philippines, Indonesia, Brazil, and other destinations that lack adequate power.