SK E&S Takes Over American Grid Solutions Firm | Be Korea-savvy

SK E&S Takes Over American Grid Solutions Firm

This photo provided by SK E&S shows Key Capture Energy's ESS facility in the U.S.

This photo provided by SK E&S shows Key Capture Energy’s ESS facility in the U.S.

SEOUL, Sept. 10 (Korea Bizwire)SK E&S Co., a leading South Korean gas provider, is making forays into the energy solution market for storage and resale of excess electricity.

The company announced on Thursday that it had secured management rights for Key Capture Energy LLC (KCE), a U.S.-based grid solution provider, by acquiring a 95 percent stake.

Businesses specializing in grid solutions manage the stable maintenance of electricity supply by using energy storage system (ESS) facilities and AI technologies to complement the instability of electric power supply caused by an increase in renewable energy.

KCE, one of the front-runners in the U.S. grid solutions industry, is primed with a 3 gigawatt-hour (GWh) ESS project portfolio centered on New York and Texas.

SK E&S said it plans to invest about US$600 million to strengthen its management rights over KCE as well as to carry out new projects over the next two or three years.

The U.S. ESS-based grid solutions industry is forecast to maintain an annual growth rate of more than 60 percent with its size rising from about 6 GW this year to 76 GW in 2030, according to energy consulting firm Wood Mackenzie.

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