ULSAN < invest Korea

[Courtesy of GS Entec Corp.]

According to Pulse by Maeil Business News Korea,

GS Entec Corp., the energy equipment manufacturing unit of South Korea’s energy-to-retail conglomerate GS Group, is set to invest 300 billion won ($216.81 million) in facilities to manufacture offshore wind power substructures. The company aims to secure technological competitiveness and expand into the Asian market as the offshore wind power market grows rapidly.

GS Entec announced on Tuesday that it will invest 214 billion won in production facilities for offshore wind substructures (monopiles) and 86 billion won in building construction at its Yongjam site in Ulsan, South Gyeongsang Province.

To support this facility investment, GS Entec has raised approximately 90 billion won from financial investors such as Dominus Investment Co. and Simone Investment Managers Co.

Once the investment in this facility is completed, the site is expected to transform into a production facility that is capable of manufacturing custom monopile structures in various specifications quickly.

Monopiles are cylindrical structures made by welding large steel plates and are large and heavy structures that support the main body of offshore wind turbines. Securing stability is thus essential as they must maintain stability underwater for at least 20 years, acting as foundation stones. The structures are widely used for offshore wind turbines as they are cheaper and built faster than other foundation equipment.

GS Entec formed a strategic partnership with Sif Netherlands BV, the world’s top producer of monopiles for wind power facilities, in 2023. The company plans to fully convert its existing chemical equipment production plant into a monopile manufacturing plant with its latest investment.

Founded in 1988, GS Entec has primarily been involved in manufacturing chemical equipment for oil refining and petrochemical plants but is currently actively seeking to enter the monopile market in line with GS Group‘s strategy to expand its eco-friendly future business.

The company recently won a contract worth 200 billion won to supply 64 monopiles for a 365 MW offshore wind farm in Yeonggwang, South Jeolla Province.



By Chu Dong-hun and Yoon Yeon-hae

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (July 10, 2024)