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AVEL commits to achieve sustainable future with green energy

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Employees of AVEL, a company-in-company of LG Energy Solution, pose at the company’s office on Jeju Island. Courtesy of LG Energy Solution

Employees of AVEL, a company-in-company of LG Energy Solution, pose at the company’s office on Jeju Island. Courtesy of LG Energy Solution

AVEL, a company-in-company of LG Energy Solution, aims to widely distribute eco-friendly energy through energy storage system (ESS)-based power plants, the company said Tuesday.

In March, AVEL received the country's first standalone ESS power plant permit from Korea Electric Power Corp.

Standalone ESS power plants can store and release electricity generated from renewable sources at any time. This will optimize power production and consumption and efficiently operate the power grid.

AVEL is an energy aggregation (EA) company managing integrated renewable energy grids, launched by LG Energy Solution last October to expand the battery ecosystem.

Based on LG Energy Solution's battery business capabilities, AVEL is actively pursuing EA business to efficiently operate and manage renewable energy grids.

AVEL is located on Jeju Island, where renewable energy is actively used. Jeju Island conducts various eco-friendly renewable energy projects, including solar and ocean energy. While renewables only account for 8 percent of all electricity consumption on the mainland, Jeju's usage ratio is as high as 20 percent.

To stably manage Jeju's power grid, AVEL plans to create a power grid control tower that accurately predicts renewable energy supply and demand, reducing variability and increasing the safety and economic efficiency of the power system.

To that end, AVEL signed a memorandum of understanding (MOU) for power grid stabilization on the island with Jeju Energy Corporation last year. After successfully establishing the Jeju business, they plan to expand nationwide.

"Based on our technological leadership, we will provide differentiated services to customers with advanced prediction technology in the renewable energy field and take the lead in expanding renewable energy distribution and stabilizing the power system," AVEL CEO Kim Hyun-tae said. (Advertorial)