Samsung SDI, Korea East-West Power to jointly invest in global ESS projects
Kim Heon-joon, right, head of Samsung SDI Americas, and Korea East-West Power CEO Kwon Myung-ho pose after signing a memorandum of understanding at StarPlus Energy in Kokomo, Ind., Friday (local time). Courtesy of Samsung SDI
Samsung SDI said Monday it has signed a memorandum of understanding with Korea East-West Power, a state-run electric utility, to jointly develop and invest in global energy storage system and renewable energy projects.
The two companies agreed to collaborate on new business models, such as renewable energy-linked initiatives and grid stabilization projects. They will also pursue joint management of energy use at Samsung SDI’s Ulsan facility.
In addition, the companies plan to steadily expand their joint business opportunities in the global energy market, broaden the scope of collaboration and take a proactive approach to changes in the global supply chain.
"Through our collaboration with Korea East-West Power, a leading public power generation company, we expect to strengthen our global competitiveness in the energy storage system and renewable energy sectors," said Kim Heon-joon, head of Samsung SDI Americas.
"We will further solidify our position as a leading energy solutions provider."
Samsung SDI said the agreement is significant as it brings together a leading Korean battery manufacturer and a public power generation company to deliver tangible business results in the global market amid fast-growing worldwide demand for energy storage systems and renewable energy.