POSCO Starts W120 Bil. Fuel Cell Project
By Jane Han
Staff Reporter
POSCO said Tuesday it has started building a 120 billion won eco-friendly fuel cell plant in Pohang, a project to counter natural resources shortage and contribute to the relief of global warming.
The energy plant will produce an annual 100 megawatts of power in the country's southern port city by 2010.
Implemented by its subsidiary POSCO Power, the plan will be carried out in two phases, POSCO said in a statement.
The first phase with a production capacity of 50 megawatts is set for completion next August, followed by the addition of a second phase by 2010.
Fuel cells are electrochemical power generators that transform hydrogen and oxygen into heat and electricity without combustion and other pollutants that result from burning fuel.
``The fuel cell business is gaining worldwide attention because of its environmental impact and it calls for our long-term investment and research,'' said POSCO CEO Lee Ku-taek at the groundbreaking ceremony.
Pohang City Mayor Park Seung-ho, North Gyeongsang Province Governor Kim Gwan-yong and Vice Minister of Commerce, Industry and Energy Oh Young-ho were among some 300 guests attending the event.
The world's fourth-largest steel maker has been seeking to expand into the lucrative energy business by buying a power firm and a stake of a U.S. fuel cell plant manufacturer.
The company expects to see about 400 billion won in revenue by 2012 from the new fuel cell plant project.