BUSINESS

Samsung SDI aims to speed up global expansion

By Kim Young-won
  • Published : Apr 19, 2016 - 15:25
  • Updated : Apr 19, 2016 - 22:05
Samsung SDI, one of South Korea’s leading battery firms, said Tuesday that it has teamed up with Korea Electric Power Corp. to tap into the global energy storage system markets.

The state-run utility firm signed a memorandum of understanding with the Samsung Group affiliate to lead a consortium bidding for global energy projects. As a part of the consortium, SDI will supply its ESS technology for future energy projects. 

KEPCO chief executive Cho Hwan-eik (left) poses with Samsung SDI chief executive Cho Nam-seong, after signing a partnership agreement to run global energy projects.(Samsung SDI)

The two will collaborate to develop energy systems catering to various needs, such as smart energy grids for homes, factories, and towns, and to run projects aimed at exporting Samsung SDI products to North America and Southeast Asia.

“The MOU will serve as a springboard for the two companies to penetrate the global energy sector,” said KEPCO chief executive Cho Hwan-eik at the event.”

In response, Samsung SDI chief executive Cho Nam-seong vowed to actively participate in KEPCO’s projects to build smart energy grids in global markets.

The partnership deal is in line with Samsung SDI’s initiative to increase its footing in the global market and to secure new revenue sources.

The Seoul-based battery firm signed a partnership agreement with ABB of Switzerland to develop ESS solutions for microgrids, or small-scale power grids for towns in March last year. It has also supplied its ESS for North America’s largest power generator Duke Energy.

By Kim Young-won (wone0102@heraldcorp.com)

LEADERS CLUB