■ KEPCO, LOTTE Chemical and Standard Energy enters work MOU for ESS (Energy Storage System) business... Collaboration of Korea’s leading chemical company, ESS innovation company, and public corporation for research and testing of next-generation ESS
■ Research on next-generation ESS and searching for domestic ESS market channels using vanadium ion batteries
■ Full cooperation for localization of next-generation ESS battery materials and entry into overseas energy storage markets
■ LOTTE Chemical CTO (Chief Technology Officer) Hwang Min Jae, “Meaningful work cooperation from the perspective of completing a value chain that includes materials, batteries and ESS verification for new business,” “We will gather our strengths to create a leading model in the next-generation ESS market, and in particular, we will cooperate in the advancement of materials such as vanadium liquid electrodes, plastic materials, etc. by gathering our strengths”

Korea Energy Power Corporation, LOTTE Chemical and Standard Energy announced that they entered an ‘MOU for the R&D of Next-generation ESS Solution Using Vanadium Ion Batteries and for Its World’s First Commercialization’.


In the afternoon of the 1st at the Jamsil LOTTE World Tower, LOTTE Chemical CTO Hwang Min Jae, Standard Energy CEO Kim Boo Gi, KEPCO Technology Innovation Division Head Kim Tae Gyun and other members of the aforementioned organizations agreed to cooperate for the R&D, commercialization, and exporting of next-generation ESS solutions that can overcome the current limitations of ESS. Furthermore, plans are to also pursue a variety of ESS testing projects to activate the new energy industry such as the microgrid, which is a small-scale independent power grid system, energy valley, etc.

For the development of the next-generation ESS solution, LOTTE Chemical will be in charge of R&D for the localization of ESS materials and Standard Energy will pursue development and commercialization of an ESS solution using vanadium ion batteries. KEPCO will jointly pursue R&D such as battery performance assessments and testing, while also providing support in areas such as international standards certification, overseas ODA projects, participation in international exhibitions, etc. for entering overseas markets.

ESS (Energy Storage System) is a device that adjusts the load of the power grid to increase efficiency and stability of the power market and is essential for expanding renewable energy. When there is high power generation or low power demand, it can store the power and supply the power when generation is low or demand is high to increase energy efficiency, and in the case of renewable energy generation that is affected by weather, ESS must be used to reduce the volatility of the amount of generation.

Unlike lithium ion batteries, vanadium ion batteries use water-based electrolysis, thus fundamentally preventing risk of fires, and high efficiency and high output are possible based on outstanding stability and excellent durability. It is drawing attention as a next-generation battery for energy storage system (ESS), which is expected to grow in various sectors such as for industrial and home uses.


KEPCO Technology Innovation Division Head Kim Tae Gyun stated, “KEPCO, which moved its headquarters to the Gwangju Jeonnam Joint Innovation City in 2014, is contributing to the promotion of the local economy and is responsibly carrying out the Energy Valley construction project in order to create new growth engines for the national energy industry,” while adding, “We will also strengthen human and technology cooperation so that energy innovation ventures possessing outstanding technologies like Standard Energy will realize innovative new technologies that will lead the market within the Energy Valley, and also for the mutual growth into unicorn businesses.”

LOTTE Chemical CTO (Chief Technology Officer) Hwang Min Jae commented, “Meaningful work cooperation from the perspective of completing a value chain that includes materials, batteries and ESS verification for new business,” adding, “We will gather our strengths to create a leading model in the next-generation ESS market, and in particular, we will cooperate in the advancement of materials such as vanadium liquid electrodes, plastic materials, etc. by gathering our strengths.”

Standard Energy CEO Kim Boo Gi said, “It is very meaningful since we can develop and test next-generation ESS solutions optimized for ESS together with the key public corporation of Korea’s power industry and the nation’s top chemical company.” He went on, “If electricity can be stored by constructing a stable ESS, the power market will have a new field in distribution, and it will build a new paradigm for the power industry through vanadium ion batteries.”