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August 30, 2021

Hanwha Energy-Seosan Hydrogen Fuel Cell System, South Korea

By Carmen

The Hanwha Energy-Seosan Hydrogen Fuel Cell System is a 50,000kW energy storage project located in Seosan, South Chungcheong, South Korea.

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The electro-chemical battery energy storage project uses fuel cells as its storage technology. The project was announced in 2018 and will be commissioned in 2021.

Description

The Hanwha Energy-Seosan Hydrogen Fuel Cell System is being developed by Doosan, Hanwha Energy, Korea East-West Power and SK Securities.

The key applications of the project are on-site power and reduce peak electricity cost.

Contractors involved

Doosan, Hanwha Energy, Korea East-West Power and SK Securities are the developer of Hanwha Energy-Seosan Hydrogen Fuel Cell System.

Additional information

The new power station will cost 25 billion won and will be built on a site of 20,000 square meters. For this project, Hanhwa Energy has established a special purpose company called Daesan Green Energy with Korea East-west Power Company (35% shares), Doosan, Co., Ltd. (10%), and SK Securities (6%).

About Doosan

Doosan Corp (Doosan) is a diversified holding company. It carries out various businesses such as energy, water plants, engines, chemical process equipment, construction and engineering, hydraulic components, industrial vehicle, construction equipment and castings and forgings. Doosan also provides financial, consulting, information technology, ingredients, media, materials, distribution and leisure services. The company offers seawater desalination facilities, low-speed diesel engines for ship, medium and large excavators and wheel loaders, skid-steer loaders, portable air compressors, attachments, compact track loader. The company operates through its subsidiaries across Asia, North America, Europe, the Middle East and the Oceania. Doosan is headquartered in Seoul, South Korea.

About Hanwha Energy

Hanwha Energy Corporation (Hanwha Energy) provides cogeneration and solar power generation provides. The Company offers electricity transmission, electricity distribution .The company is located in South Korea.

About Korea East-West Power

Korea East-West Power Co Ltd (EWP), a subsidiary of Korea Electric Power Corp, is a state-owned electric utility producer. It generates and supplies the electricity. It produces electricity from various sources including coal, oil, liquefied natural gas, mini hydro, and renewable sources such as solar, wind, biomass, and bio gas. The company also offers plant construction, engineering, plant operations, and plant maintenance services; and financial investment services for the exploration and development of mines. EWP serves in domestic and overseas regions. It has operating and developing interests in power generation facilities in North America, Latin America and the Caribbean, Asia, and Oceania. EWP is headquartered in Jung-gu, Ulsan, South Korea.

About SK Securities

SK Securities Co Ltd (SK Securities) carries out the business of providing financial consulting, investment banking and asset management services. It offers financial products including ABCP and OTC derivatives. The company also offers innovative smart phones Securities Services. SK Securities offers its services to both its individual and corporate clients. The company has its operations in South Korea, Hong Kong, China and Vietnam. SK Securities is headquartered in Seoul, South Korea.

Methodology

All publicly-announced energy storage projects included in this analysis are drawn from GlobalData’s Power IC. The information regarding the projects are sourced through secondary information sources such as country specific power players, company news and reports, statistical organisations, regulatory body, government planning reports and their publications and is further validated through primary from various stakeholders such as power utility companies, consultants, energy associations of respective countries, government bodies and professionals from leading players in the power sector.

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