SEOUL, Nov. 2 (Korea Bizwire) — SK Innovation Co. and SK E&S Co. announced yesterday a ribbon cutting ceremony for a new energy storage system (ESS) at Ulsan Complex (Ulsan CLX), SK’s main production center.
An ESS captures energy produced at periods when energy consumption is low for use at a later time when energy demand is high. SK Innovation explained that this was the first ESS created by an energy or petroleum company.
At a seminar hosted by SK CEO Chey Tae-won recently, the move to build an ESS was described as “a business model aimed at creating social value.”
The battery for the installed ESS has a capacity of 50 MWh, and can store enough electricity to power 100,000 households for an hour.
The two companies, SK Innovation and SK E&S, believe that the ESS can be utilized to expand their venture into renewable energy projects.
Kevin Lee (firstname.lastname@example.org)