BDI, US FCE Sign MOU for Fuel Cell Main Equipment... "Accelerating Soryong Fuel Cell Power Project"

[Asia Economy Reporter Hyunseok Yoo] VIDI announced on the 26th that it has signed a Memorandum of Understanding (MOU) with the US company PureCell Energy (FCE) for the supply of main solid oxide fuel cell (SOFC) equipment related to the ‘Soryong Fuel Cell Power Generation Project (13MW)’ underway in Gunsan, Jeonbuk. This MOU is expected to accelerate the progress of the related project.

The ‘Soryong Fuel Cell Power Generation Project’ is a project to build a 13MW-class fuel cell power plant within the Gunsan National Industrial Complex in Jeonbuk. Once completed, it will produce enough electricity to supply approximately 20,000 households for one year.

In 2018, Soryong Fuel Cell (formerly Seoan Fuel Cell), a special purpose company (SPC) wholly owned by VIDI, secured a project site of about 1,700 pyeong and obtained a fuel cell power generation business permit. Last year, the capacity was expanded from the existing 5.28MW to 13.28MW.

VIDI has been responsible for ▲ supplying major fuel cell equipment ▲ installation of fuel cells and utility facilities ▲ electrical work ▲ design and other services related to permits through the installation construction supply contract with ‘Soryong Fuel Cell’ in this project.

After the power plant is completed, VIDI expects to secure EPC sales of 81.7 billion KRW and annual power sales revenue of 12 billion KRW for 20 years.

A VIDI official said, “Until recently, we faced difficulties in supplying the main equipment, which is the core of the fuel cell power generation project, and could not speed up the project progress. With this MOU, the related issues have been resolved, and the project will accelerate again.”

He added, “Recently, as the government introduced the ‘Hydrogen Power Obligation System (HPS)’ in the eco-friendly power generation sector, the fuel cell power generation market using hydrogen is expected to expand. VIDI has participated as a strategic investor (SI) in several fuel cell power generation projects such as ‘Asan Fuel Cell’ and ‘Soryong Fuel Cell.’ We anticipate not only profits from the construction itself but also substantial additional revenues from long-term power sales and renewable energy certificate (REC) supply.”

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