Global Energy Cooperation
GS Power has joined hands with GE, signing an MOU to form a strategic cooperation in the energy and infrastructure business sectors at home and abroad.
The company announced on Jan. 22 that both companies will promote a comprehensive cooperation in new technology development, including the improvement of efficiency in domestic power plants, fuel cells and energy storage systems (ESSs), and the development of infrastructure and participation in North America and the emerging market in the future.
In November last year, GE Chairman Jeff Immelt visited Korea and met and exchanged ideas to cooperate with GS Galtex Chairman Huh Dong-soo. Taking this opportunity, the MOU between two companies was promoted and GS Power President Sohn Young-ki and GE Korea CEO Kang Sung-wook signed an MOU on Jan. 21.
GS Power President Sohn Young-ki said, “With this MOU, we could share the GE’s advanced technology and its global business ability. We have come closer to the accomplishment of the '2030 Vision' of the company, which aimed to become the best total energy company in Korea by the establishment of 4 new power plants and overseas business expansion by 2030.”
Both companies will work together first with the remodeling and replacement of GS Power’s co-generation plant in Bucheon. GE will provide the main components and the professional service as the world’s largest supplier of gas turbines.
Also, partnering with GS subsidiaries, they will review the joint advancement and the business cooperation fields in the global engineering, procurement, and construction (EPC) market. Moreover, they will work together in the fuel cell and ESS sectors, which are next-gen energy technology.