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Park Chan-woo, Executive Director of Hyundai Engineering (center), Ham Ki-hwang, Executive Director of Korea Electric Power Technology (left), and Lim Deok-jun, CEO of Boguk Enertech (right), are taking a commemorative photo after signing an MOU on the 16th at Hyundai Engineering's Gyedong office building in Jongno-gu, Seoul.

[Asia Economy Reporter Kangwook Cho] Hyundai Engineering announced on the 17th that it has signed a Memorandum of Understanding (MOU) for the joint promotion of an environmental energy business applying a pyrolysis gasification system with Korea Electric Power Technology and Boguk Enertech.

The MOU signing ceremony held on the 16th at Hyundai Engineering's Gyedong headquarters was attended by key officials from each company, including Park Chan-woo, Executive Director of Hyundai Engineering, Ham Ki-hwang, Executive Director of Korea Electric Power Technology, and Lim Deok-jun, CEO of Boguk Enertech.

The pyrolysis gasification system is an eco-friendly technology that produces about 30% less atmospheric pollutants such as nitrogen oxides compared to conventional incineration methods.

Through this tripartite MOU, the companies plan to jointly enter the environmental energy business based on each company's experience in energy-related projects and core technologies.

Recently, ESG management has emerged as a major topic in the construction industry, emphasizing the importance of eco-friendly businesses.

Hyundai Engineering is actively participating not only in this joint environmental energy business but also in renewable energy projects. Additionally, it is accelerating efforts to secure eco-friendly construction capabilities to actively respond to environmental issues.

Hyundai Engineering has officially entered the renewable energy business and is participating in the 100MW-scale ‘Saemangeum Onshore Solar Power Zone 1 Project.’ The ‘Saemangeum Onshore Solar Power Zone 1 Project’ is the first of a total 300MW scale project and is being carried out with the goal of starting power generation in 2022.

It plans to continue participating in renewable energy projects in the Saemangeum area thereafter.

A Hyundai Engineering official said, “We expect various synergies through cooperation among the three companies for joint entry into the environmental energy business,” adding, “We plan to actively enter renewable energy businesses such as solar and wind power generation and establish a leading position in the eco-friendly energy sector.”