Samsung, KEPCO sign energy deal

According to a report from Korea  Times, Samsung SDI, the battery affiliate of Samsung, has signed a non-binding memorandum of understanding (MOU) with Korea’s dominant electricity supplier, Korea Electric Power Corp. (KEPCO).

This agreement aims to jointly promote energy storage systems (ESS). This calls for Samsung SDI to provide it batteries for overseas projects operated by KEPCO. The latter will also help the former to expand its ESS business by including the affiliate in biddings related to ESS. The monetary of the agreement is unknown.

“Samsung SDI is eyeing countries in Southeast Asia and North America to export various ESS for use in frequency mediation and energy-intensive projects,” said the statement.

The statement added the bilateral partnership will further be expanded into infrastructure-oriented businesses such as the development of smart homes, farms, factories and towns.

Energy storage is playing a key role in development of a low-carbon electricity system supplying flexibility and balance to the grid and providing a backup for intermittent renewable energy.

As private companies and government agencies improve the management of distribution networks, reduce costs, and improve efficiency, they are increasing their spending on ESS. Batteries are a core component of ESS.

SDI also signed an MOU with ABB of Switzerland in March last year to jointly develop and promote ESS for use in microgrid networks. It also struck a similar deal with Duke Energy, the largest power generator in North America.

Source: Korea Times