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MOU with Busan Jungkwan Energy and Gunkul in pursuit of Energy Storage and Virtual Power Plant businesses

Sep 8, 2022

Set-listed Gunkul Engineering Public Company Limited announced a strategic partnership with Korean Energy partners, Busan Jungkwan Energy / SK Energy & Services Corporation (SK E&S) and EIPGRID Inc. (EIPGRID) to diversify the company’s future portfolio focusing on driving Battery Energy Storage System and Virtual Power Plant (VPP) businesses to reality in Thailand. The signing of a 3-parties Memorandum of Understanding (MoU) with the world’s leading companies marks an important step towards energy landscape transition to digital power in battle for carbon neutrality.

Kwangcheon Lim Chief Operating Officer of Busan Jungkwan Energy reveals, “Busan Jungkwan Energy (BJE) will utilize its competency in successful commercialization of ESS operation and business development it has built up in Korea over the years, expertise in system operation as a distribution network operator, and capabilities in VPP commercialization in Thailand’s energy market through cooperation with Gunkul. I hope it will be an opportunity to further expand our partnership based on the strengths of both companies” he added.

Busan Jungkwan Energy (BJE), established in 2004, is a community energy service provider supplies safe and clean heat and electricity to about 30,000 households in Jeongkwan Busan. Since the incorporation of SK E&S in February '21, various new energy industries have been promoted to become a representative energy solution provider in Korea.

Miss Naruechon Dhumrongpiyawut, Chief Operating Officer – Strategic Investment and Sustainable Energy Business of Gunkul Engineering Public Company Limited (GUNKUL), shares, “GUNKUL, as well as our innovation unit ‘Gunkul Spectrum’, aims to help in advancing the nation’s clean energy innovation. Especially with the rise of solar rooftops and electric vehicles, there’s an urgent need for our country to upgrade the existing infrastructure in order to enhance stakeholders’ capabilities in managing the energy ecosystem. While allowing more renewable energy to be part of the system, the company strongly believe Battery Energy Storage System (BESS), particularly managed by digital energy management system platform as powerful as Virtual Power Plant (VPP), to be the next gamechanger that keeps our electricity system in balance and utilizes every unit of energy to the fullest potential without disrupting the grid’s security and stability.

This important milestone will synergize key strengths of all parties in an exploration into future energy businesses in Thailand and demonstrate our contribution and expertise to the Thailand energy transition in consistent to the nation’s commitment towards low carbon economy.”

Representing EIGRID, a leading software company in South Korea recognized for its extensive energy expertise, and industry know-how, ranging from community energy solutions and services to intelligent energy management, Mr. Tony Lee, Chief Executive Officer of EIPGRID adds, “We (EIPGRID) developed a strategic partnership with Gunkul Spectrum and their dedication to our partnership and Business Development in energy domain is evident in all aspects of the three companies’ strategic partnership. We appreciate their creative approach to new business opportunities to bring our new partnership model to the higher levels.” EIPGRID has enabled partners around the world to smoothly manage distributed energy resources such as solar PV rooftop, BESS, and EV charging stations under various schemes, e.g., Demand Response (DR), Virtual Power Plant (VPP), Peer-to-Peer (P2P) energy trading, etc.

The collaboration will focus on 3 bodies of work; (1) Proof-of-Concept (POC) regarding to technical / engineering aspects ranges from Battery Energy Storage System as a service (BESS-as-a-service), Demand Response (DR), to Virtual Power Plant (VPP) (2) Market assessment and feasibility study on potential energy business models (3) Collaborative launchpad for any joint R&D and knowledge exchanges between all parties in the future. In recent weeks, the high-level representatives from GUNKUL, BJE / SK E&S, and EIPGRID have discussed stakeholders’ visions and Thailand’s energy roadmap in which the three parties will work closely together to develop technical blueprints and business solutions over the next coming months.

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