MOU for Investment and Business Cooperation with US Five Stone Energy Group
Smart grid specialist company G2 Power announced on the 22nd that it has signed a memorandum of understanding (MOU) for investment and business cooperation with the U.S. Five Stone Energy Group.
In the MOU, G2 Power agreed on the details of investment attraction and business cooperation with the U.S. Five Stone Energy Group. The main agreements include G2 Power's ▲capital investment ▲supply and distribution of products in the U.S. market. The business cooperation covers all of G2 Power's products, including switchgear panels, solar power generation systems, and energy storage systems (ESS).
Through the MOU, G2 Power is expected to attract investment of approximately 30 billion KRW and receive advanced technology transfer through a U.S. private equity consortium with Five Stone Energy Group.
The consortium investment includes a U.S. long-term investment management firm managing private equity funds worth about 43 trillion KRW. This global group has invested in 107 countries worldwide over the past 20 years and is an internationally verified global U.S. company with proven substance and financial power, having invested hundreds of billions of dollars last year in a Hong Kong listed company and Korean firms.
As the first step toward full-scale entry into the U.S. market, G2 Power Director (CFO) Kim Dong-hyun said, "We are negotiating to supply ESS-related products by applying advanced artificial intelligence (AI) CMD technology to a 7MW government-owned solar power plant jointly operated by the Maryland state government and FSE (Five Stone Energy)."
They agreed to provide related product supply and services for solar EPC and O&M businesses, and switchgear panel businesses requested by the U.S. side.
G2 Power CEO (Chairman) Kim Young-il said, "Through this partnership, G2 Power has created a great foothold to enter the vast U.S. market and overseas expansion, along with attracting foreign investment efforts made so far," adding, "We have taken the first step to participate in the enormous U.S. procurement market worth about 2,000 trillion KRW."
Recently, G2 Power announced at a corporate briefing held in Yeouido that it has also acquired the qualified registration (Q Class) for supplying nuclear power plants, enabling it to actively participate in orders for switchgear panels for existing and new domestic and overseas nuclear power plants.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
