LG Electronics said Tuesday it will seek to develop its water energy resources business in cooperation with the state-run water energy agency K-water.
Under the partnership, the company said it will seek business opportunities in countries that lack an electricity supply infrastructure.
"Solar energy generation is one of the best systems that can create synergy with diverse water resources at reservoirs, dams and beaches," said Lee Sang-bong, president of LG Electronics' Energy Business Center, in a statement. "We will push ahead with the global water energy market with K-water."
Under the agreement, the two companies will jointly develop water energy technologies and seek business models tapping into dam facilities operated by K-water.
In particular, the two will focus on floating solar power generation, which is considered fit for countries with limited territory like Korea, as it does not occupy land that can be used for forests and farmland. Floating solar power generation is known to have about 10 percent higher energy efficiency compared to land solar power generation because the water surrounding the facility cools it down.
"Based on the agreement, we will take a leading role not only in implementing the national policy of reducing greenhouse gas emissions but also in establishing a sound energy ecosystem both here and overseas," K-water CEO Choi Gye-woon said.
The two companies will also develop an energy storage system (ESS) for K-water's facilities including water purification plants and the tidal power plant at Sihwa in Ansan, Gyeonggi Province.
Under the partnership, the company said it will seek business opportunities in countries that lack an electricity supply infrastructure.
"Solar energy generation is one of the best systems that can create synergy with diverse water resources at reservoirs, dams and beaches," said Lee Sang-bong, president of LG Electronics' Energy Business Center, in a statement. "We will push ahead with the global water energy market with K-water."
Under the agreement, the two companies will jointly develop water energy technologies and seek business models tapping into dam facilities operated by K-water.
In particular, the two will focus on floating solar power generation, which is considered fit for countries with limited territory like Korea, as it does not occupy land that can be used for forests and farmland. Floating solar power generation is known to have about 10 percent higher energy efficiency compared to land solar power generation because the water surrounding the facility cools it down.
"Based on the agreement, we will take a leading role not only in implementing the national policy of reducing greenhouse gas emissions but also in establishing a sound energy ecosystem both here and overseas," K-water CEO Choi Gye-woon said.
The two companies will also develop an energy storage system (ESS) for K-water's facilities including water purification plants and the tidal power plant at Sihwa in Ansan, Gyeonggi Province.
