Daemyung Energy Signs MOU with LG Energy Solution AVEL for Joint Business Promotion

Daemyung Energy, an innovative green solution company in renewable energy (CEO Seo Jong-hyun), announced on the 27th that it has signed a Memorandum of Understanding (MOU) with AVEL, an in-house independent company of LG Energy Solution, for the renewable energy bidding market and power generation forecasting business.

Both companies will jointly participate in the renewable energy bidding market and power generation forecasting business, mutually sharing the progress and results of the projects and jointly responding to business expansion. This aims to enhance mutual benefits between the two companies and to revitalize the renewable energy industry while creating shared value.

With this agreement, AVEL will lead the power generation forecasting business utilizing renewable energy generation resources and flexible resources such as ESS, while Daemyung Energy will recruit and secure renewable energy resources and cooperate on flexible resources such as ESS. Additionally, they will collaborate on building a VPP Platform.

Daemyung Energy has already established a research organization for the VPP business last year and has begun research and development. The power generation forecasting business, aimed at grid stabilization, is a project led by the Korea Energy Agency and is one of the essential processes for the future VPP business.