[Asia Economy Reporter Jang Hyowon] VT GMP announced on the 8th that it has signed a purchase contract for the 'Gumi Region High-Tech Valley Site' being sold by the Korea Industrial Complex Corporation for its hydrogen fuel cell power generation business.
The site, located at 72-2, Zone 4 within the Gumi National Industrial Complex High-Tech Valley, is approximately 16,528.9256㎡ in size and capable of operating a total 90MW power generation project. VT GMP plans to obtain approval from the Ministry of Trade, Industry and Energy and the Ministry of Economy and Finance within this year and aims to commence the first phase of the project, the '19.8MW fuel cell power generation project,' by the end of the fourth quarter, targeting completion in 2022.
The investment amount for the first phase project of 19.8MW is 150 billion KRW, and the first step of project execution, land acquisition, has been completed. Korea Western Power, Mirae Asset Energy Infrastructure Asset Management, and SK Construction are expected to participate in this project.
The power generation equipment will be of the SOFC (Solid Oxide Fuel Cell) type from the American fuel cell company Bloom Energy. Compared to the first-generation PAFC (Phosphoric Acid Fuel Cell) series and the second-generation MCFC (Molten Carbonate Fuel Cell) series, it is evaluated to have a power generation efficiency more than 20% higher, with an operational efficiency of about 99%.
A VT GMP official stated, "We have successfully completed the land purchase and are planning an MOU for the hydrogen fuel cell power generation business, so the project is expected to gain full momentum. We will smoothly proceed with the step-by-step plans and procedures to ensure that the hydrogen fuel cell power generation business becomes a new growth engine leading our company."
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