Samsung SDI and Korea East-West Power (EWP) will jointly carry out global development and investment in energy storage systems (ESS) and renewable energy.
Samsung SDI said on the 9th that on the 6th (local time) it signed a "global energy generation business cooperation memorandum of understanding (MOU)" with Korea East-West Power (EWP) at StarPlus Energy (SPE), its joint venture with Stellantis in Kokomo, Indiana.
Through this agreement, the two companies plan to jointly develop and invest in domestic and overseas power generation projects such as ESS, and to seek new business models including renewable energy linkage and grid stabilization projects. They also plan to build a cooperative relationship across the energy sector, including jointly promoting an energy management and operations (Management Service Provider, MSP) business at Samsung SDI's Ulsan plant. In addition, they agreed to continue identifying joint business opportunities in the global energy market, expand the scope of cooperation, and proactively respond together to changes in the supply chain environment.
The two companies emphasized that it is significant that a major domestic battery manufacturer and a state-run energy company are cooperating in ESS and renewable energy, where demand is surging worldwide, to deliver tangible business results in the global market.
Samsung SDI offers a wide range of ESS products, from battery cells and modules for auxiliary power such as uninterruptible power supplies (UPS) and battery backup units (BBU) to SBB (Samsung Battery Box), a power ESS solution. In particular, as the only non-Chinese prismatic battery manufacturer, it has strong durability, high energy density, and safety technology that prevents thermal propagation (No TP).
Korea East-West Power (EWP) has built capabilities in power plant construction and operation through overseas power projects in countries including the United States, Australia, Saudi Arabia and Indonesia. In particular, it is viewed as expanding a business model that combines power generation infrastructure with energy solutions through Korea's first generation-linked ESS installation and MSP center operation.
Kim Heon-jun, head of Samsung SDI's Americas unit (executive vice president), said, "We expect to strengthen our global competitiveness in ESS and renewables through cooperation with Korea East-West Power (EWP), a leading state-run company in the power generation sector," adding, "We will solidify our position as a differentiated energy solutions corporations."
Kwon Myeong-ho, president of Korea East-West Power (EWP), said, "By combining the infrastructure of a state-run energy company with the advanced technology of a private company, we can gain competitiveness in the global market," adding, "With this agreement as a starting point, we will deliver executable business results."