Lotte Chemical Joins Power Market... Develops and Demonstrates ESS Solutions with KEPCO

Vanadium Ion Battery-Based ESS Solution
Business Agreement Signed for World's First Commercialization

Lotte Chemical announced on the 2nd that it has signed a business agreement with Korea Electric Power Corporation (KEPCO) and Standard Energy for the "Research and Development of Next-Generation ESS Solutions Utilizing Vanadium Ion Batteries and the World's First Commercialization" to overcome the limitations of existing energy storage systems (ESS).

The three companies agreed to collaborate on researching and developing next-generation ESS solutions that overcome the limitations of ESS, as well as on commercialization and overseas expansion. They also plan to jointly promote various ESS demonstration projects to revitalize new energy industries such as microgrids, which are small-scale independent power grid systems, and Energy Valley.

Lotte Chemical will be responsible for R&D to localize ESS materials, Standard Energy will lead the development and commercialization of ESS solutions using vanadium ion batteries, and KEPCO will jointly conduct R&D such as battery performance evaluation and demonstration, while supporting international standard certification, overseas ODA projects, and participation in international exhibitions for overseas expansion.

ESS is an essential device that enhances the efficiency and stability of the power market by adjusting the power system load and is crucial for expanding renewable energy. It stores electricity when power generation is high or demand is low and supplies electricity when generation is low or demand is high, thereby improving energy efficiency. For renewable energy, whose generation is affected by weather, ESS is necessary to reduce generation variability.

Vanadium ion batteries use an aqueous electrolyte, unlike lithium-ion batteries, fundamentally eliminating the risk of fire. Based on high stability and excellent durability, they enable high efficiency and high output, and are attracting attention as the next-generation battery for ESS expected to grow in various fields such as industrial and residential use.

(From left) Kim Bugi, CEO of Standard Energy; Kim Taegyun, Head of Technology Innovation Headquarters at Korea Electric Power Corporation; Hwang Minjae, CTO of Lotte Chemical
Photo by Lotte Chemical

Kim Tae-gyun, Head of KEPCO’s Technology Innovation Headquarters, said, "We will continue to strengthen human and technological cooperation so that energy innovation ventures with excellent technological capabilities, such as Standard Energy, can grow and develop into unicorn companies within Energy Valley."

Hwang Min-jae, Chief Technology Officer (CTO) of Lotte Chemical, said, "This is a meaningful business collaboration in terms of completing the value chain from materials and batteries to ESS demonstration for new businesses," adding, "We will join forces to create a leading model in the next-generation ESS market and especially cooperate on battery advancement such as vanadium liquid electrodes and plastic materials."

Kim Bu-gi, CEO of Standard Energy, said, "When ESS is stably established to store electricity, a new area called distribution will emerge in the power market," and added, "We will create a new paradigm in the power industry through vanadium ion batteries.”

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