Korea Energy Power Corp. (Kepco) and SK Telecom Co. (SKT) will join hands to nurture electric vehicles (EV) and other energy businesses as their new growth engines, investing a total of 500 billion won ($413.9 million) together until 2020.
According to the companies Thursday, the nation’s sole electric power supplier and leading mobile carrier inked a memorandum of understanding (MOU) to share EV power stations, develop EV self-driving technologies in the so-called energy valley in Naju and build a microgrid system across a smart city.
For the projects, Kepco will invest 300 billion won and SKT with 200 billion won. The two companies will also form a task force that consists of experts from each company to jointly build a smart city with the state-of-the-art power and telecommunication technologies such as renewable energy, energy storage system (ESS) and advanced metering infrastructure (AMI).
Kepco and SKT will facilitate the new energy industry and related infrastructure to fully attain new growth momentum and make inroads into overseas markets.
Cho Hwan-eik, Kepco president, vowed to secure new growth engines by speeding up the creation of a global hub city for smart energy, or an energy valley, through the partnership with SKT that is expected to it take the lead in new energy market.
SKT President Jang Dong-hyun said the new energy project is its core future growth engine and pledged to make full-fledged efforts to enter overseas markets in close cooperation with Kepco.