Ahn Hyunjin, CEO of Alpha Enerworks... "Leading the BIPV Market... Challenging 100 Billion KRW in Sales"
Ensuring Stability with Insulation, Wind Resistance, and Color Use While Generating Electricity
KT Songpa Tower, YG Entertainment's new headquarters in Hapjeong-dong, the Seoul Hall of the Teachers' Pension in Yeouido, Mulberry Hills near Sinsa Station... These recently constructed buildings share one common feature: the use of Building-Integrated Photovoltaics (BIPV). BIPV refers to building exterior materials capable of solar power generation, producing electricity while also providing functions such as fire resistance, insulation, and wind resistance. It is difficult to spot solar cells (photovoltaic cells) on these buildings with the naked eye because color-matched BIPV that harmonizes with the building's exterior has been applied. This technology allows part of the electricity consumed by the building to be generated from renewable energy without compromising the building's design. This is why demand for color BIPV has been increasing recently. We visited Alpha Enerworks' factory in Yongin, Gyeonggi Province, which leads this market, to hear from CEO Ahn Hyun-jin.
On the 24th, CEO Ahn said, "Adopting color may reduce transmittance or power generation, but through continuous research and development, we have found the optimal solution," adding, "Compared to other companies, our secured stability is our competitive edge." Since BIPV is not only about solar power generation efficiency but also serves as the building's exterior material, durability is crucial. Unlike general solar panels, different sizes and colors are applied to each building, requiring precise customization. This technological competitiveness has enabled Alpha Enerworks to establish a leading position in the market by achieving successive results. CEO Ahn stated, "Due to the nature of the business, where sales follow after the building's completion, our sales have not been large so far, but with market expansion, we expect to achieve 5 billion KRW in sales this year and 30 billion KRW next year."
CEO Ahn, who comes from the Daewoo Group, joined Alpha Holdings, the parent company of Alpha Enerworks, in 2019. In 2020, he was appointed CEO of Alpha Enerworks and led the establishment of a smart new factory in Yongin. He moved quickly, seeing the high growth potential of the BIPV market. In fact, demand in this market has surged following the government's renewable energy policies. Since 2020, new, reconstructed, or expanded public buildings with a total floor area of 1,000㎡ or more have been mandated to use renewable energy for at least 20% of their electricity consumption. By around 2025, private buildings will also be included in this mandate.
CEO Ahn explained, "Renewable energy sources that buildings can generate themselves include solar, wind, geothermal, and fuel cells, but considering cost efficiency and construction difficulty, solar power is the only currently applicable energy source," adding, "However, it is difficult to achieve the goal of using renewable energy for more than 20% of electricity consumption with solar panels installed on rooftops in the traditional way." He described BIPV as almost the only solution. In fact, KT Songpa Tower is known to reduce its annual electricity bill by about 50 million KRW through BIPV.
The industry expects this market to expand to over 1 trillion KRW by 2025. Following this market growth, Alpha Enerworks plans to challenge 100 billion KRW in sales after achieving its 30 billion KRW sales target next year and aims to pursue a public listing at an appropriate time.
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