Protean Energy has signed a project cooperation agreement with KEPCO Plant Service and Engineering (KPS) for the development of wave and other renewable energy projects across the Asia Pacific region.
The cooperation facilitated by the agreement has the potential to leverage Protean’s core technologies in wave energy and energy storage systems combined with the financial strength, technical and maintenance capability of KPS, Protean said.
Protean will identify and take the lead on renewable energy projects in Australia and KPS will do the same on projects in South Korea. Elsewhere, the companies will lead according to the strength of the customer relationships on a particular project, according to Protean.
The two companies will cooperate on projects involving wave energy, solar photovoltaic, other renewable energy sources and commercial and industrial energy storage systems in the growing renewable energy and microgrid market the in Australia, South Korea across the Asia Pacific region.
Stephen Rogers, Protean’s CEO, said: “This is a significant milestone in the development of Protean Energy where our core technologies have been recognized by a leading international group in the power sector. Using the market networks of both organizations we can now target local and regional projects taking advantage of the rapid growth in the renewable energy sector stimulated by strong international and regional commitments.”
Protean added that several projects have been identified in Australia which will be tendered in the coming months, and are expected to benefit from a joint approach by the parties.
KPS, a subsidiary of KEPCO Korea’s largest electric utility, provides plant maintenance and engineering services both in Korea and across the globe.