VZEN Co., Ltd. Focuses Intensively on Enhancing Renewable Energy Virtual Power Plant (VPP) Services and Global Commercialization

[Photo: VGEN Co., Ltd. CI (Provided by VGEN Co., Ltd.)]

VGEN Co., Ltd. (CEO Baek Seung-yeop), a specialized company in renewable energy virtual power plant (VPP) solutions, has established an optimal bidding and operation solution in response to changes in power system operation due to the increasing share of renewable energy and the institutional reform scheduled for the real-time electricity market at the end of 2025. On the 31st, the company announced that it has been selected for multiple government-supported R&D projects to support global market entry through the commercialization of its virtual power plant cloud service.

Since building Korea’s first virtual power plant solution in 2018, VGEN Co., Ltd. has provided power producers with the industry's lowest error rate and highest profits in the renewable energy generation forecast settlement system of the small-scale power brokerage market, based on years of demonstration experience with power generation public enterprises. Additionally, VGEN’s renewable power plant monitoring and convergence platform, the ‘Virtual Power Plant Solution,’ was designated as an innovative product by the Public Procurement Service in 2022, recognizing its innovation and public value.

VGEN Co., Ltd. (CEO Baek Seung-yeop) aimed to gain customer trust by enhancing AI-based prediction and optimization performance for stabilizing the power market and power system operation as a strong small and medium-sized enterprise in the energy IT sector, rather than increasing recognition through marketing without technology. The company stated it will do its best to successfully carry out government-supported R&D projects, commercialize its virtual power plant cloud service, and expand into global markets including Korea.

The first government-supported R&D project selected for VGEN in 2023 is the Ministry of Science and ICT’s 『K-Cloud Phase 1 Project』, which fosters and supports the development and commercialization of the ‘SaaS for power brokerage business system (virtual power plant) based on renewable energy AI solutions’ currently being advanced by the company.

The second project is the Ministry of Science and ICT’s 『ICT Innovation Voucher Project』, developing an ‘Integrated Control System for Urban Mini Hydrogen Power Plants’ capable of remote control of fuel cell power output, status, and maintenance cycles in the domestic building fuel cell market, which is expected to grow annually by 17%, in collaboration with hydrogen-specialized company H&Power Co., Ltd.

The third project is the Ministry of SMEs and Startups’ 『Global Enterprise Collaboration Program』, supporting overseas market entry through collaboration with global cloud companies for real-time electricity market bidding, operation solutions, and virtual power plant subscription services.

The fourth project is the Ministry of SMEs and Startups’ 『Industry-Academia-Research Collabo R&D Project』, jointly developing an integrated operation management system for power system demand and supply flexibility resources with Hongik University. In addition, VGEN Co., Ltd. is conducting development of a ‘Greenhouse Gas Emission Allowance Price Prediction and Purchase Strategy Optimization Decision Support System’ with Korea South-East Power Co., a power generation public enterprise, and is planning R&D and demonstrations related to the real-time electricity market reform.

CEO Baek Seung-yeop of VGEN Co., Ltd. expressed, “We will accelerate the ongoing research and development related to virtual power plants and the advancement of virtual power plants capable of integrating various distributed resources. We also aspire to become a renewable energy total solution IT company that grows together with power brokers and power producers and contributes to power market operation.”