- Naju City and Haiti Power Enter into an investment agreement with Naju Fuel Cell Power Plant Co., Ltd.
- A 20MW-class hydrogen fuel cell power plant will be built in the Naju City Innovation Industrial Complex.
- The total amount of investment is 10 billion won (~$8M USD)
South Korea–Naju City announced on March 13th that it signed an investment agreement with the Haitian Power Naju Fuel Cell Power Plant in the City Hall’s Mayor’s Office. Six officials from both organizations, including Mayor Kang In-kyu and CEO Yang Yang-woo, attended the ceremony.
Fuel cell power generation refers to a power generation method that uses electricity to decompose water into hydrogen and oxygen to obtain electricity by chemically combining hydrogen with oxygen.
Because it directly produces electricity using the electrochemical method, it has been spotlighted as a new and renewable energy that does not produce even 1% of environmental pollutants from the power generation stage to electricity production.
According to the agreement, Haiti Power Naju Fuel Cell Power Plant Co., Ltd. plans to build a 20MW fuel cell power generation facility on the 8222㎡ site of the Naju Innovation Complex.
The total amount of investment is 10 billion won, and it is planned to start construction in August of this year and be completed by February 2022.
When a 20MW-class power plant is operational, it will generate 16,1345MW of electricity annually.
The city will initiate various administrative supports such as permits necessary for the construction of a fuel cell power plant.
In addition, KEPCO which co-invested in the power plant construction project is responsible for design, procurement, and construction (EPC).
Korea Midland Power Co., Ltd. has agreed to secure and maintain (O & G) a renewable energy supply certificate (REC), and Neomaru Co., Ltd. to conduct business development and EPC.
The city is looking forward to creating jobs for local residents, with the expectation that it will require about 8,400 construction workers and 100 operating personnel to operate the power plant over the next two years and to operate the power plant for the next 20 years.
Meanwhile, the Innovation Complex was designated as the ‘Second Regulatory Free Zone’, which enables research, testing and commercialization of innovative technologies without regulation in November of last year. ) ‘Is promoting the establishment of a demonstration infrastructure.
To date, 177 trillion won investment agreements have been signed with 177 companies, of which 125 companies have realized investments and achieved a presale rate of 75%.