[Let's Run Again K Construction] Securing Competitiveness in Offshore Wind Power, Solar Power, Hydrogen Fuel Cells... Building the 'Future Energy Value Chain'

From Fuel Cell Latecomer to No.1
Targeting the Offshore Wind Power Market through Global Corporate Collaboration

A panoramic view of the Hwaseong Fuel Cell Power Plant constructed by SK Ecoplant. (Provided by SK Ecoplant)

[Asia Economy Reporter Kim Min-young] SK Ecoplant is recognized for its business execution capabilities based on accumulated engineering know-how and for possessing a comprehensive ‘future energy value chain’ encompassing production, distribution, and utilization. The company has secured competitiveness across all sectors including offshore wind power, solar power, hydrogen fuel cells, blue and green hydrogen, and green ammonia. Furthermore, it is innovating future energy supply systems centered on renewable energy and striving to achieve net zero (carbon neutrality) by reducing carbon emissions to zero.

◆From a latecomer in fuel cells to the top in orders= SK Ecoplant is focusing its efforts on strengthening fuel cell competitiveness through collaboration with U.S.-based Bloom Energy. The two companies established a joint venture, BloomSK Fuel Cell, to build a domestic ecosystem for solid oxide fuel cell (SOFC) equipment and components. They completed a manufacturing plant in Gumi, Gyeongbuk, and began full-scale production of fuel cells with world-class power generation efficiency in Korea. SK Ecoplant also succeeded in demonstrating eco-friendly hydrogen production by using the solid oxide electrolyzer, the reverse reaction of SOFC, to separate hydrogen from water without emitting carbon dioxide?the first such achievement in Korea. Once a latecomer in fuel cells, SK Ecoplant has consecutively won fuel cell power generation projects ordered this year and currently ranks first in domestic orders from January to November.

Ultimately, SK Ecoplant aims to establish a solid position as a ‘Green Hydrogen Provider.’ It plans to convert clean energy produced from renewable energy assets such as offshore wind and solar power into green hydrogen through its own water electrolysis facilities and supply it to various customers, including power utility companies, starting in 2026.

Fuel cell main equipment installed at KT Daedeok 2 Research Center. (Provided by SK Ecoplant)

◆Aggressive acquisitions and cooperation with global companies to secure offshore wind market= SK Ecoplant has ambitions to lead not only in waste treatment but also in the offshore wind power market, which is gaining attention as an eco-friendly renewable energy source. In August this year, SK Ecoplant completed the acquisition of Samkang M&T, becoming the first domestic company to complete the offshore wind-based green hydrogen value chain, including project development, permits, structure manufacturing, engineering, procurement, and construction (EPC), power generation operation, and water electrolysis. Samkang M&T, a manufacturer of offshore wind substructures, is already on par with the world’s top Danish offshore wind companies by executing two projects in Taiwan alongside CIP and COP. The new plant, scheduled for completion in 2026, will be capable of producing approximately 650,000 tons of offshore wind substructures annually, making it the largest production capacity worldwide.

SK Ecoplant has also partnered with global companies. It is jointly developing a 2.6GW offshore wind power project across five regions including Ulsan and Jeonnam with Corio Generation, a global offshore wind specialist under Green Investment Group (GIG), and TotalEnergies, a global integrated energy company. This not only secures a firm position as a developer in Korea’s floating and fixed offshore wind sectors but also lays the foundation for actively targeting overseas offshore wind markets through strategic collaborations with top-tier global energy companies. Additionally, after completing the world’s highest efficiency water electrolysis demonstration, SK Ecoplant has established an integrated model for producing green hydrogen using renewable energy such as offshore wind.

Recently, SK Ecoplant signed a memorandum of understanding (MOU) in Copenhagen, Denmark, with COWI, a consulting and engineering firm specializing in offshore wind, to cooperate on domestic offshore wind development and renewable energy technologies. By building a cooperative relationship with Denmark’s leading offshore wind companies, the company expects to accelerate its ongoing offshore wind projects.

SK Ecoplant has also succeeded in establishing a value chain in the solar power sector. In June, it secured a value chain covering all areas of solar power including project development, power plant construction and operation, and solar module manufacturing through a strategic investment in TopSun, a leading domestic solar specialist. The company plans to complete the development of 1GW scale solar and wind power projects by 2026.

Park Kyung-il, President of SK Ecoplant, stated, "We have completed our transformation into an environmental and energy company in just two years, secured the lead in the spent battery market through global network establishment, and completed the green hydrogen value chain based on offshore wind. We will establish ourselves as a global environmental and energy company leading the circular economy."