General Electric has joined a next-generation power supply development project named Energy Valley Project led by Korea Electric Power Corp. in Naju, South Jeolla Province.
The two firms held a launch event Thursday for the GE “Bitgaram” office that will provide GE legal and technical support.
Kepco CEO Cho Hwan-eik and GE Energy Connections CEO Russell Stokes participated in the event to discuss details of the future investment for the Energy Valley Project. Some 70 representatives from the National Assembly and local governments also attended, according to the company. In March, Kepco and GE signed a memorandum of understanding to establish infrastructure for high-voltage direct current in the Bitgaram Innovation City. They also formed a task force.
Kepco CEO Cho Hwan-eik (fourth from left) and GE Energy Connections CEO Russel Stokes (fourth from right) attend a ceremony to mark their new power supply project in Naju, South Jeolla Province, Thursday. (Kepco)
“More specific details of the future investment will shape up later this year,” a Kepco official said.
Since starting the project in December 2014, Kepco has signed memorandums with some 200 companies to date, with 118 companies finishing their investments for the project. Kepco expects some 881 billion won ($778 million) of investment and some 6,000 new jobs to be created if the 200 companies finish their proposed investments.
By Shim Woo-hyun(email@example.com