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SK Innovation Signs MOU with Huang Ming Group of China and Formosa of Taiwan for ESS Demonstration Project Contents
title SK Innovation Signs MOU with Huang Ming Group of China and Formosa of Taiwan for ESS Demonstration Project
attachment date 2011-07-28 count 16226
SK Innovation Signs MOU with Huang Ming Group of China and Formosa of Taiwan for ESS Demonstration Project

- Two partners recognize SK Innovation’s advanced battery technologies and successful experience in smart grid demonstration projects
- Multinational cooperation model will provide an opportunity for company’s foray into China energy solution market

SK Innovation is accelerating its move toward the Energy Storage System ESS (ESS) business, widely seen as a next-generation energy technology, in partnership with China’s leading solar energy company and Asia’s largest petrochemical company.

Ja-Young Koo, CEO of SK Innovation (www.SKinnovation.com), signed a memorandum of understanding on an ESS demonstration project with Chairman Huang Ming of China Huang Ming Group and Vice Chairman Cheon Sung Guang of Taiwan Formosa at Huang Ming Hotel located at Solar Valley in Dezhou, Shangdong in China at a ceremony joined by government and company officials on 28th.

With the MOU, the three partners will jointly build a highly energy-efficient, low-cost private residential area and install an energy storage system (ESS) at Solar Valley of Dezhou which has been designated as the first pilot solar power city by the Chinese government.

Dezhou, a large city with population of 5.8 million, has been selected as a pilot solar city – the first renewable energy demonstration city in China. The city aims to increase its solar energy adoption to more than 50% within 10 years, and Huang Ming Group is leading the pilot program.

In increasing solar energy adoption, an ESS is essential to generate solar power and then store electricity made of the solar energy. The three partners believe that the cooperation between SK Innovation, an energy company with advanced mid and large battery manufacturing technologies; Formosa, a global leader in battery positive electrode material technologies; and Huang Ming Group which has experience in photovoltaic energy generation projects will lead to a successful demonstration project at the Solar Valley.

The partnership has been highly praised as a new cooperation model in a new business area, and covered by local media including China’s state-own CCTV.

Especially, the partnership will allow SK Innovation to participate in both the ESS demonstration project and the construction of a pilot residential site in China’s first and only solar city, opening the way for the company’s inroads into China fast emerging as the world’s largest renewable energy market.

An official at SK Innovation said, “Our leading technologies proven in the mid and large electric vehicle battery market and our successful experience in smart grid demonstration project in Jeju Island helped us gain confidence from the Chinese government and local partners. In the future photovoltaic era, it will be crucial to have a stable and predictable energy supply using ESS. In this regard, SK will make aggressive investments in the ESS business to get ahead in global competition.”

Meanwhile, SK Innovation signed a MOU with Taiwan’s Formosa in December 2010 to co-develop and supply lithium batteries for energy storage. With the partnership, the two companies laid the foundation for joint research and development efforts, with SK Innovation gaining access to Formosa’s positive electrode materials for its new battery products. In particular, Formosa’s proprietary positive electrode materials technologies allow mass production of batteries at much lower costs compared to other battery manufacturers, helping SK Innovation to secure both price competitiveness and safety of energy storage battery in the market.

<SK Innovation>
Established as Korea’s first refinery in 1962, SK Innovation has been at the center of nation’s energy and chemical industries for the past five decades. It maintains core operations in technology development and engineering, and operates businesses for overseas resource exploration, battery production, and information and electronics materials. To promote rapid decision-making, SK Innovation established 3 subsidiaries, namely SK Energy, SK Global Chemical, and SK Lubricants, whose focuses are refining and marketing of refined products, petrochemicals, and lubricants, respectively

< Huang Ming Group>
Established in 1996 in Dezhou, Shangdong in China, Huang Ming Group is China’s leading solar energy company with annual sales of KRW300 billion. The group owns 460 patent rights on photovoltaic technologies in China and is involved in 6 government projects.

<Formosa Plastic Group>
Established in 1954, Formosa Plastic Group is the largest corporate in Taiwan and Asia’s biggest private petrochemical company with annual sales of KRW 100 trillion. Its businesses include refinery, petrochemical, plastic processing, power generation, IT, transportation, service, steel and display.

하단 텍스트 참조

[SK Innovation signed a memorandum of understanding (MOU) on energy storage system (ESS) demonstration project at a ceremony held at Huang Ming Hotel located in Solar Valley in Dezhou, Shangdong in China on July 28. The signing ceremony was joined by officials from the three partners, including Ja-Young Koo, CEO of SK Innovation (fourth from the left); Huang Ming, Chairman of China Huang Ming Group (fifth from the left); and Cheon Sung Guang, Vice Chairman of Taiwan Formosa (fourth from the right), as well as Lei Jianguo, Secretary of Dezhou Party Committee (fifth from the right) and other local government officials.]

하단 텍스트 참조

[Ja-Young Koo, CEO of SK Innovation (right); Huang Ming, Chairman of China Huang Ming Group (center); Cheon Sung Guang, Vice Chairman of Taiwan Formosa (left) are posing for a photo shooting after signing an MOU on ESS demonstration project at a ceremony held at Huang Ming Hotel located in Solar Valley in Dezhou, Shangdong in China on July 28.]

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