POSCO Co. Ltd. announced that it will expand its fuel cells business via a partnership with the Korea Electric Power Corp. (KEPCO). The companies signed a memorandum of understanding (MOU) for the development of the fuel cells and in order to boost sales channels for the cells.
"The partnership with the KEPCO reflects POSCO’s consistent efforts to find a new energy source for the future. We expect the MOU to contribute a great deal to boosting demand for new energy," POSCO President Lee Ku-taek stated.
According to published reports, POSCO will provide 2,400kW fuel cells to a KEPCO affiliate by next year. KEPCO is described as the dominant electricity provider in South Korea, and said to be responsible for 95% of total electricity supply in the nation.
Additionally, POSCO is scheduled to complete the construction of a new fuel cells plant that will produce 100MW by 2010 with investment of some 225 billion won. It is claimed that the plant, if completed, will become the world’s largest in terms of production capacity.
