Ministry of Industry Supports ESS Convergence System Construction with 4.4 Billion KRW Investment This Year

[Asia Economy Sejong=Reporter Lee Jun-hyung] The Ministry of Trade, Industry and Energy announced on the 13th that it is opening applications for the '2022 Energy Storage System (ESS) and Energy Management System (EMS) Convergence System Distribution Project.'

The ESS·EMS Convergence System Distribution Project supports small and medium-sized enterprises and mid-sized companies by subsidizing part of the costs for building systems that integrate new energy industry technologies such as ESS and EMS. The project budget for this year is 4.4 billion KRW.

The Ministry will support up to 70% of the construction costs for ESS·EMS convergence systems depending on their intended use. Eligible targets include ▲ industrial, commercial, and residential facilities installing convergence systems for peak reduction and emergency power replacement ▲ renewable energy generation facilities that have undergone output control at least once for generation constraint relief ▲ cases where convergence systems are built by recycling existing ESS equipment, among others.

Companies wishing to participate in the project must submit their application forms and business plans to the Korea Energy Agency by May 11. The Ministry will select support recipients in May after written reviews and presentation evaluations by the evaluation committee.

On the same day, the Ministry also announced the 'New Energy Industry Financial Support Project.' This project provides long-term low-interest loans for facilities and operating funds to new energy industry companies engaged in demand response trading, small-scale power brokerage, and other activities. The project budget for this year is 5 billion KRW.

The loan period includes a maximum 3-year grace period and a 7-year installment repayment plan. The support ratio can cover up to 90% of the required funds, although this ratio may vary depending on the size of the company. Interest rates are applied as quarterly variable rates.

Detailed information will be available from the 14th on the Ministry of Trade, Industry and Energy and Korea Energy Agency websites.

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