Welcron Hantech and Gwangjin Wontek Enter Jeju Island 'Bio SRF' Power Generation Market

Acquisition of Jeju Island's Only Bio SRF Fueling and Power Generation Facility
Creating Additional Revenue Sources through Waste Wood Processing and Electricity Sales

On the 21st, Welcron Hantec (CEO Lee Young-gyu) announced that it will jointly acquire Ewell and Ewell Energy with Gwangjin Wintec (CEO Shin Kyu-jin) and promote an eco-friendly bio SRF power generation project. Photo by Welcron Hantec

[Asia Economy Reporter Kim Heeyoon] Wellcron Hantec, a comprehensive plant construction specialist, is jointly investing in an eco-friendly bio solid fuel (SRF) power generation project in Jeju Island with automotive parts company Gwangjin Wintec.

On the 21st, Wellcron Hantec (CEO Lee Youngkyu) announced that it will jointly acquire Iwell and Iwell Energy with Gwangjin Wintec (CEO Shin Gyu-jin) and promote the eco-friendly bio SRF power generation project.

At the agreement ceremony on the same day, the two companies signed a shareholders' agreement in which Wellcron Hantec acquires half of the shares of Iwell and Iwell Energy (100% and 70%, respectively) owned by Gwangjin Wintec.

Iwell is a Jeju-based company operating an eco-friendly combined heat and power plant that combusts bio SRF fuel to regenerate electricity and thermal energy. Iwell Energy is also a comprehensive waste company in Jeju that processes waste wood to produce bio SRF fuel.

Through this contract, Wellcron Hantec and Gwangjin Wintec plan to jointly promote the combined heat and power generation business in Jeju Island and establish a resource recycling ecosystem to diversify profits and lead sustainable management.

The business structure involves Iwell Energy producing solid fuel from waste wood and sending it to the power plant Iwell to generate electricity. The two companies explained that they will maximize profits through a two-track strategy by earning revenue from waste disposal and selling the generated electricity.

Wellcron Hantec will cooperate with Gwangjin Wintec by taking charge of technology and management of bio SRF fuel production facilities and power generation facilities based on the technical know-how of its energy division.

A Wellcron Hantec official said, "Through this entry into the bio SRF power generation business, we plan to develop eco-friendly renewable power generation as a new growth engine for Wellcron Hantec."

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