Daewoo E&C Accelerates Entry into 'Hydrogen Economy'... MOU for Hydrogen Fuel Cell Project in Chungbuk

The investment agreement ceremony for the hydrogen fuel cell convergence power generation project in Chungbuk was held on the 6th at the Chungcheongbuk-do Provincial Office.

Daewoo E&C announced on the 7th that it signed a Memorandum of Understanding (MOU) on the 6th at the Chungcheongbuk-do Provincial Government Office as a member of the Chungbuk Infrastructure Energy Investment Consortium with Chungcheongbuk-do, Eumseong-gun, and Chungbuk Development Corporation for the 'Chungbuk Hydrogen Fuel Cell Convergence-type Power Generation Project.'

The 'Chungbuk Hydrogen Fuel Cell Convergence-type Power Generation Project' is a project to build a hydrogen fuel cell power plant with a capacity of 200MW per hour in the 'Chungcheongbuk-do Energy Industry Convergence Complex' located in Eumseong-gun, promoted by Chungcheongbuk-do.

The total project cost is approximately 1.5 trillion KRW, making it the largest among currently operating fuel cell power plants. Once the power plant is fully operational, it can produce about 1700 GWh of electricity annually, which is enough to supply approximately 500,000 households for one year.

Hydrogen fuel cells generate electricity through the chemical reaction of hydrogen and oxygen, producing almost no air pollutants, smoke, odor, noise, or vibration compared to conventional thermal power plants, and are thus regarded as an eco-friendly power source.

This project plans for the Chungbuk Infrastructure Energy Investment Consortium (Daewoo E&C, Korea Asset Asset Management Co., Ltd., Chungbuk Infrastructure Energy Investment Co., Ltd.) to be responsible for electricity production and financing of the hydrogen fuel cell, while Chungcheongbuk-do and Eumseong-gun will provide administrative support, and Chungbuk Development Corporation will develop the Maengdong Ingok Industrial Complex, the planned site for the project.

Daewoo E&C has extensive experience and abundant construction achievements in renewable energy sectors such as Jeju Gamgyul Solar Power Project, wind power, and tidal power. The company has selected securing new growth engines as a core strategy for mid- to long-term growth and plans to focus on the renewable energy sector.

A Daewoo E&C official stated, "We will continuously discover hydrogen business models including the hydrogen fuel cell power generation project to expand our business portfolio and prepare for the upcoming 'hydrogen economy' era," adding, "This MOU is expected to lay the foundation for entering the new hydrogen business."

This content was produced with the assistance of AI translation services.