Shinsung E&G Expands Energy Businesses Through Startup Partnerships

Shinsung E&G is expanding into new energy businesses through partnerships with startups. The company plans to develop virtual power plants (VPPs), mobile energy storage systems (ESS) and data center immersion cooling as new business areas.

Shinsung E&G said on Aug. 19 that it is expanding cooperation with startups in the energy and data center sectors, including aeonus, 60Hertz, DataBean and Korea Green Data.

Shinsung E&G invested in 60Hertz in 2023. 60Hertz has VPP technology that integrates and manages distributed renewable energy generation resources using data and software. Shinsung E&G plans to combine its solar module and power plant businesses with VPP technology to expand into power generation forecasting, integrated power plant management and electricity trading.

In the ESS sector, Shinsung E&G conducted a demonstration of a mobile ESS with aeonus. The companies carried out a proof of concept (PoC) in which renewable energy generated at Shinsung E&G’s Yongin facility was stored in a mobile ESS and then used at another site. They plan to apply the model to companies pursuing RE100, or 100% renewable electricity use, as well as power supply for construction and industrial sites.

In the artificial intelligence (AI) data center sector, Shinsung E&G is working with DataBean on immersion cooling. Shinsung E&G recently secured a data center project in Malaysia worth about 10 billion won. The company plans to develop data center solutions incorporating DataBean’s immersion cooling technology.

Shinsung E&G also signed a memorandum of understanding (MOU) this month with Korea Green Data, an AI-based energy management software company. The companies will deploy the GreenOS energy operating system at Shinsung E&G’s Yongin facility to conduct integrated analysis of solar power generation and factory energy consumption.

Shinsung E&G is also participating as a limited partner (LP) in funds managed by Sopoong Ventures and Ecopro Partners to identify companies in climate technology, batteries and materials.