ULSAN < invest Korea

South Korea’s Hyundai Electric has been commissioned to build a 50-megawatt hours (MWh) energy storage system (ESS) for its sister company Hyundai Heavy Industries Co. at a cost of 24.6 billion won ($21.3 million).

Hyundai Electric said Thursday that it plans to install an ESS system with a capacity of 50 MWh - enough to supply electricity to 15,000 people for a full day - at Hyundai Heavy Industries’ Ulsan dockyards by October. The company claims the ESS would be the world’s largest industrial ESS.

Hyundai Electric, which was spun off from the world’s largest shipbuilder in April, has been endeavoring to up its presence in the burgeoning ESS market. According to global market research firm Navigant Research, the global ESS market is estimated to grow 20 percent annually to reach $5.5 billion by 2021 from estimated $2.6 billion this year. Local demand is estimated to grow to $50 million by 2020.

The company wants to make business in supplying the system as well as its maintenance and operation based on big data, according to the statement from Hyundai Electric.

Hyundai Heavy Industries ordered the ESS under an energy efficiency initiative carried out with the southeastern city of Ulsan and Korea Electric Power Corp. (KEPCO). The new system is expected to help the shipbuilder save about 15 percent, or 15 billion won, in annual utility bill.



By Jung Wook

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Source: Pulse by Maeil Business News Korea (Jul. 6, 2017)