KIB Plug Energy, KEPCO Engineering & Construction and Wooseok ENC Sign MOU for Hydrogen Energy and Waste Plastic Business Cooperation

KIB Plug Energy announced on the 19th that it has signed a Memorandum of Understanding (MOU) with Wooseok E&C to collaborate on hydrogen energy and waste plastic-related businesses. The signing ceremony held in Saemangeum was attended by representatives from Korea Electric Power Technology (KEPCO E&C), the Institute of Advanced Engineering (IAE), as well as Chairman Choi Yong-gi of Wooseok E&C and Baek Seung-yoon, Head of New Business Division at KIB Plug Energy.

According to this MOU, KIB Plug Energy and Wooseok E&C will work together with Korea Electric Power Technology (KEPCO E&C) and the Institute of Advanced Engineering (IAE) to complete the standardized design for syngas and production technology to produce hydrogen and other syngases. Specifically, this includes ▲providing technology for syngas production facilities based on pyrolysis and gasification ▲arranging EPC (engineering, procurement, and construction) contracts with domestic specialized companies including Korea Electric Power Technology ▲promoting KIB Plug Energy’s participation in joint projects with partners in Japan and other countries.

KIB Plug Energy will be responsible for overall operations related to producing products from syngas such as hydrogen and carbon monoxide using syngas. Based on Wooseok E&C’s demonstration projects, the companies will expand chemical businesses based on pyrolysis and gasification through technological cooperation.

The company stated, “With the support of our partners, business expansion and entry into overseas markets are expected to become easier,” adding, “The two companies plan to negotiate in the second half of the year to secure waste plastic pellet production facilities and expand into countries such as Indonesia.”

Earlier, KIB Plug Energy announced in its future business management plan disclosure last month that it would use a heat exchange method for hydrogen production utilizing high-efficiency waste plastic pellets as raw materials for fuel cell power generation. On the 12th, it completed the acquisition of Beomhan Motors, a company specializing in eco-friendly vehicles, emphasizing that “entry into the electric vehicle and hydrogen vehicle markets could result in a price-to-earnings ratio (PER) multiple increasing from 40 times to 60 times.”

Founded in 2015, Wooseok E&C is an architectural design service company that recorded approximately 130 billion KRW in sales and 14 billion KRW in operating profit last year. It is also conducting large-scale projects involving pyrolysis and gasification-based syngas production facilities with overseas companies. Based on this agreement, KIB Plug Energy is expected to participate in various projects and fulfill its role.

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