Daechang Solution Participates in Domestic Gas Turbine Industry Revitalization Project

MOU Signed with KEPCO, Five Major Power Generators, and Private Companies

[Asia Economy Reporter Eunmo Koo] Daechang Solution announced on the 23rd that it has signed a business agreement to revitalize the domestic gas turbine industry.

The business agreement involved Daechang Solution, Korea Electric Power Corporation (KEPCO), the five major power generation companies (Korea South-East Power, Korea Midland Power, Korea Western Power, Korea Southern Power, Korea East-West Power), and private companies (Doosan Heavy Industries & Construction, NR Tech, Korea Lost Wax, Samjin Metal, Unicorn System).

This agreement was made to revitalize the domestic gas turbine industry and secure global competitiveness in related industries' technologies and products. Each participating organization will cooperate to establish and demonstrate a standard LNG combined power plant and secure driving forces for innovative growth of the domestic gas turbine industry ecosystem. They will also jointly conduct technology development and workforce training for the sustainable growth of gas turbines.

Daechang Solution plans to provide LNG-related technologies and components. Last year, Daechang Solution supplied major cast steel parts such as compressors and gas turbine cases for the world's fifth large gas turbine model developed by Doosan Heavy Industries & Construction. Its subsidiary, Cryos, has delivered LNG plants. Cryos has supplied LNG engine commissioning facilities to major engine manufacturers such as HSD Engine and STX Heavy Industries.

According to the IHS Cambridge Energy Research Associates (CERA), the global gas turbine market size was 97 trillion KRW in 2018 and is expected to nearly double by 2035. The Ministry of Trade, Industry and Energy announced in February that it will actively pursue the development of liquefied natural gas (LNG) turbines. The ministry expects the global LNG power generation market to expand significantly as the use of renewable energy increases worldwide and coal power generation is reduced, accelerating the transition to eco-friendly energy.

A Daechang Solution official said, “We have signed a business agreement with KEPCO, the five major power generation companies, and private companies to revitalize the domestic gas turbine industry. Starting with this agreement, we will further develop LNG gas turbine technology and increase our market share in related sectors.”