At the eighth Future Investment Initiative Conference in Riyadh, Gaoncell, a Korean company specializing in fuel cells, highlighted the importance of stable renewable energy storage. This event, a major global summit for CEOs and government leaders, provided a platform for Gaoncell to present its innovative solutions for energy transition.
Managing Director Jang Ha-nyung represented Gaoncell, emphasizing the need for a comprehensive approach to renewable energy. He pointed out that Korea’s natural environment poses challenges for renewable energy use, necessitating a focus on the entire value chain, including energy production, infrastructure, grid stability, and storage.
Jang remarked, Denmark and the Netherlands are fortunate to have abundant solar and wind power. It’s crucial to store these resources stably and long-term.
Gaoncell aims to assist Saudi Arabia in distributing and transporting renewable energy effectively.
In December, Gaoncell joined other Korean companies in signing agreements with Saudi Arabia’s Royal Commission of Jazan to develop the Saudi-Korean Industrial Village. Saudi Arabia plans to invest around $1 billion in Gaoncell, marking the largest investment in the project.
Jang explained, We produce methanol fuel cells and deploy them where local power demand exists, offering a unique perspective on local strategies.
He advocated for the adoption of Gaoncell’s technology to drive global transformation.
The panel also included leaders from Dalkia, CrossBoundary Group, and Apollo Management, discussing the impact of the energy transition on traditional energy sector jobs. They acknowledged potential job losses but highlighted retraining and new job creation in renewable energy as solutions.
Public-private partnerships were identified as vital for a successful energy transition, underscoring the collaborative effort required to achieve a sustainable energy future.
