[Good Companies Rising] Frequency Balance 'Sixty Hertz' That Makes Our Lives and Nature Safer

Energy IT Social Venture SixtyHertz
Builds 'SunWind Map' Predicting Renewable Energy Generation
Annual Average Prediction Error Range 2.6%

Jongkyu Kim, CEO of Sixty Hertz

[Asia Economy Reporter Donghyun Choi] For a stable supply of electricity in the power grid, the supply and demand of electricity must be equal at every moment. The difference between supply and demand appears as a frequency change: if supply exceeds demand, the frequency rises; if the opposite, it falls. The standard frequency in South Korea is 60Hz. This means that when power supply and demand exactly match, the frequency points to 60Hz. If this balance collapses, electronic devices or production facilities may malfunction, and in severe cases, a 'blackout' (large-scale power outage) can occur.

Although invisible, the 60Hz frequency must be maintained for our lives and nature. SixtyHertz, an energy IT social venture, is a startup that possesses an optimization solution to maintain this balance. Founded in 2020, SixtyHertz has built and provides free of charge a virtual power plant (VPP) called 'SunWindMap' that displays about 80,000 renewable energy power plants nationwide on a map and predicts their power generation. It has attracted seed investments from Sofun Ventures, MYSC (MY Social Company), and Hyundai Motor Group's Zero One, and currently collaborates with various companies including Hyundai Construction and SK Telecom.

Kim Jong-gyu, CEO of SixtyHertz, whom we met at the headquarters in Myeongdong, Jung-gu, Seoul, emphasized that balancing the supply and demand of energy, especially renewable energy, is of utmost importance. The reason for naming the company SixtyHertz is precisely this. CEO Kim explained, "Renewable energy generation varies depending on the weather, so it is difficult to accurately predict the supply amount. Our company helps power plant management and stable power grid operation by accurately forecasting renewable energy generation."

According to CEO Kim, as the predictability of renewable energy generation increases, the utilization rate rises accordingly, which reduces the use of fossil fuel-based power sources and thus helps the environment by reducing greenhouse gases. He said, "When demonstrated on power plants with a capacity of over 6.5GW, the prediction error margin of our technology was only 2.6% annually. We collect weather data and analyze satellite images using IT technologies such as artificial intelligence (AI), cloud, and IoT (Internet of Things), and visualize the information so that anyone can easily view it."

A virtual power plant (VPP) called 'Haetbit Baram Jido' that displays approximately 80,000 renewable energy power plants nationwide on a map and predicts power generation.

CEO Kim has been interested in solving social problems through business since his school days. While pursuing a master's degree in bioinformatics at Seoul National University, he received awards from the Ashoka Foundation and the Asia Social Venture Competition (SVCA) for his idea to provide whole genome sequencing services to patients with rare diseases. Later, his interest expanded to the environment and energy sectors. Starting his career at Samsung Electronics' Production Technology Research Institute, he moved to become the Chief Technology Officer (CTO) of the IT-based solar power company Haezoom. Subsequently, while pursuing a doctoral program at the Max Planck Institute of the Free University of Berlin, Germany, he developed an interest in renewable energy and founded SixtyHertz.

CEO Kim pointed out that South Korea's renewable energy projects lag behind advanced countries such as Europe and Japan because the state plays an excessively large role. He explained that due to government energy price controls, no companies can enter the market and make profits, making it difficult for the market itself to form. He said, "Due to rapid industrialization led by the state, the role of the government and public institutions in the energy sector has become very large. Even at this point where renewable energy and electric vehicles are spreading, we need to reconsider whether this approach is still valid." He added, "Currently, even if crude oil prices rise, Korea Electric Power Corporation (KEPCO) cannot raise prices, and losses are compensated by issuing bonds (KEPCO bonds). The problem is that the oversupply of KEPCO bonds causes difficulties in financing for other companies, negatively affecting the national economy."

SixtyHertz is currently developing a solution to predict hydropower generation in cooperation with the Korea Water Resources Corporation, following solar and wind power. Additionally, it is planning business items that may arise from the expansion of electric vehicle adoption. CEO Kim said, "The fuel of internal combustion engine cars has nothing to do with parking lots, but the battery of electric vehicles is different. Nationally, when energy is surplus, it can be stored and released when insufficient. We are researching what is needed to make this possible."

They are also promoting ways to contribute to the campaign slogan 'RE100,' which aims to convert 100% of the electricity used by companies to renewable energy by 2050. Currently, many large companies including Samsung Electronics have declared RE100. CEO Kim said, "Large companies have dedicated organizations, so transitioning to RE100 is easier, but small and medium-sized enterprises or startups do not have that reality. We plan to launch an energy subscription service that allows these companies to easily procure renewable energy by paying a fixed monthly fee."

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