LG Energy Solution's In-house Independent Company to Promote Power Grid Stabilization in Jeju
Kim Hyuntae, CEO of AVEL (right), is taking a commemorative photo with Kim Homin, President of Jeju Energy Corporation, after signing a business agreement for stabilizing the power system in the Jeju area and discovering new power business opportunities at the headquarters of Jeju Energy Corporation in Jeju City on the 1st.
View original image[Asia Economy Reporter Oh Hyung-gil] LG Energy Solution announced on the 8th that its in-house independent company AVEL has started stabilizing the Jeju Island power grid through Energy as a Service (EaaS) in collaboration with Jeju Energy Corporation.
EaaS is a business that helps optimize the power grid by utilizing distributed renewable energy resources and energy storage systems (ESS).
On the 1st, AVEL signed a Memorandum of Understanding (MOU) with Jeju Energy Corporation at the Jeju Energy Corporation headquarters in Jeju City to stabilize the Jeju regional power system and discover new power business opportunities.
They agreed to jointly promote the development of ESS power grid integration solutions and related projects, and to cooperate in improving regulations related to renewable energy power grids.
AVEL, an in-house independent company of LG Energy Solution launched in October, was established to promote integrated energy power grid management projects, focusing on integrated management of renewable energy power grids using ESS in the Jeju region.
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Kim Hyun-tae, CEO of AVEL, stated, "We plan to develop a differentiated system that can accurately predict renewable energy generation and efficiently utilize and manage energy stored in ESS," adding, "We will contribute to stabilizing the power grid of Jeju Special Self-Governing Province and realizing carbon-zero island Jeju by 2030."
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