VTGMP Signs MOU for Hydrogen Fuel Cell Power Generation

[Asia Economy Reporter Jang Hyowon] VT GMP announced on the 7th that it signed an investment agreement (MOU) on the 6th at the Gumi City Hall 3rd floor situation room with Gyeongsangbuk-do, Gumi City, Korea Western Power, Mirae Asset Energy Infrastructure Asset Management, SK Ecoplant, and KJ Green Energy to build the Gumi High-Tech Valley hydrogen fuel cell power plant.

VT GMP signs investment agreement (MOU) for hydrogen fuel cell power generation.

VT GMP obtained the power generation business license from the Ministry of Trade, Industry and Energy's Electricity Committee on December 24, 2019, and on the 8th of last month, purchased a site of approximately 16,528㎡ in Zone 4 within Gumi High-Tech Valley, capable of operating a total of 90MW for hydrogen fuel cell power generation.

Among the total 90MW, the capacity of one unit is planned to be 19.8MW, proceeding with the SOFC type. The investment amount for one unit is approximately 150 billion KRW, with VT GMP investing 35.1% and KJ Green Energy 10%. Korea Western Power (CEO Park Hyungdeok) will participate in the project and operate the power plant, Mirae Asset Energy Infrastructure Asset Management (Vice Chairman and CEO Jeong Sanggi) will participate in the project and act as the financial lead, and SK Ecoplant will oversee EPC (engineering, procurement, and construction). VT GMP will act as the main operator for the project.

According to this investment agreement, each organization will mutually cooperate and implement various matters related to the hydrogen fuel cell power generation project, including ▲power plant construction ▲administrative support such as permits and approvals ▲securing power generation resources (O&M and REC) ▲joint implementation and operation of the power plant.

Additionally, through this agreement, it is expected to contribute to the government's hydrogen economy activation policy and establish an eco-friendly energy clean city, expanding the complex into Gumi’s ‘Renewable Fuel Cell Cluster Center,’ ▲contribute to RE100 leading to a RE-TURN effect by bringing existing overseas manufacturing companies back to the domestic Gumi industrial complex ▲adopt next-generation high-efficiency SOFC (solid oxide fuel cell) fuel cells, advancing toward future-oriented clean energy production.

‘Hydrogen fuel cell power generation’ is an eco-friendly power generation facility that produces electricity through a chemical reaction between hydrogen separated from natural gas and oxygen in the air. It is constructed and operated in major cities such as Seoul and Busan, featuring high power generation efficiency, low noise, and no exhaust emissions, making it an eco-friendly and high-efficiency clean energy system. Unlike solar or wind power, it can operate 24 hours a day, 365 days a year, and has about 2 to 3 times higher efficiency compared to coal-fired power plants, which have an efficiency of 35%.