SEOUL, Aug. 30 (Korea Bizwire) — POSCO Energy, a wholly owned energy unit of South Korean steelmaker POSCO, is gearing up to develop a low-carbon power generation technology that makes use of waste heat, in collaboration with a local company.
The company recently announced that it had established a business tie-up with heat exchanger manufacturer Innowill Corp. and the Research Institute of Industrial Science and Technology to promote the joint development of waste heat power generation technology.
Under the terms of the agreement, POSCO Energy will be responsible for supporting the commercialization of energy efficiency improvement technology, while Innowill will be engaged in the design of the waste heat power generation system and production of the heat exchanger.
The RIST will be in charge of facility assessment.
Waste heat power generation, in general, refers to the process of capturing heat discarded during the manufacturing process and then using this heat to operate a turbine and generate electricity.
Unlike existing methods, the new waste heat power generation system will leverage air turbine technology, in which the turbine will be operated directly by heating the air.
With simple configuration, employing this type of power generation system is relatively cost effective. As a high efficiency facility, it boasts easy repair and maintenance.
The company plans to complete the development of the waste heat power generation technology and the verification of its economic feasibility by February 2022.
On the basis of the results of the verification, thereafter, the company will make gradual forays into the markets with high energy consumption such as steel mills where waste heat power generation can be applied.
J. S. Shin (firstname.lastname@example.org)