EIPGRID Acquires FE and Ventures into 'VPP+EaaS' Business

News provided by

Mar 26, 2024, 12:00 ET

EIPGRID, a renowned global provider of community energy solutions, embarks on a groundbreaking initiative by launching its own community energy service in Jeju Island, Korea.
This marks the first step and a significant leap towards establishing the innovative 'VPP+EaaS' business ecosystem.

JEJU and SEOUL, South Korea, March 26, 2024 /PRNewswire/ -- EIPGRID, a global community energy solutions and services provider, announces the acquisition of Mirae & Hwangyung (FE), an expert in load aggregation business headquartered in Jeju Island, as a step forward into the 'VPP (Virtual Power Plant) + EaaS (Energy-as-a-Service)' business ecosystem and commitment to new sustainable business models.

New VPP + EaaS business ecosystem

The exciting venture marks not only the start of direct involvement into the load aggregation business, but also the company's inaugural step towards establishing a robust business ecosystem xVPP - encompassing Virtual Power Plant and Energy-as-a-Service business opportunities into one integrated platform. Building upon its solid foundation of proven DR (Demand Response) technology and business infrastructure in Jeju Island, EIPGRID is set to integrate VPP and EaaS applications into its service portfolio starting from Jeju, before expanding globally. With a commitment to innovation and sustainability, EIPGRID offers a premier service platform that seamlessly integrates various energy solutions supporting every market layer, empowering communities to streamline their energy service roadmap and transition towards a unified energy ecosystem.

Venturing intro load aggregation business

With a rich history in the energy sector since 2010, EIPGRID has amassed extensive expertise across diverse applications, ranging from demand response and energy resource management technology, to Virtual Power Plant and beyond, and has already left a significant footprint in Jeju's energy business landscape through its innovative Distributed Energy Resource (DER) and Electric Vehicle (EV) applications.

The FE acquisition marks a significant milestone in EIPGRID's journey as the company ventures from energy solutions and services into load aggregation business, expanding its portfolio to include direct involvement in energy business operations. This move also represents a transformative shift for the company's energy business in Jeju Island, renowned as the world's largest national smart grid and a vibrant hub for demonstrating renewable energy solutions. By synergizing EIPGRID's cutting-edge technology with FE's robust infrastructure, this strategic merger is set to revolutionize the energy sector in Jeju Island, introducing a diverse range of energy applications tailored to meet the evolving needs of the community.

Expanding Footprint in Jeju Energy Landscape

Leveraging its patent for the "Vehicle-to-Grid (V2G) Gamification", EIPGRID has introduced an EV technology that offers a unique and immersive experience for electric rental car users by gamifying the tour experience and incentivizing participation in V2G services, which not only promotes sustainable transportation but also actively engages users in the energy trading market, fostering competition and innovation with a robust EV charging infrastructure and tourist attractions strategically distributed across the island.

Through the integration of its DER and EV management solutions with the opportunities presented by its load aggregation business, EIPGRID is set to further expand its already extensive portfolio in the island and contribute to the government's commitment to make Jeju a clean/eco-tourism destination and the carbon-free Island by 2030.

Innovative Hydropower Solution for Fish Farming

Through FE acquisition, EIPGRID will also tap into hydropower opportunities in the island with its pioneering technology that enables fish farms to install small turbines and harness the enormous potential of discharge water for electricity generation. Complemented by an advanced energy management system, this solution will ensure efficient operation and monitoring of energy production, optimizing resource utilization and cost-effectiveness for fish farm operators.

"Our innovative approach to community energy underscores our commitment to sustainability but also opens up new avenues for growth and investment in the energy market," said Tony Lee, CEO of EIPGRID. "In addition to offering a cutting-edge energy solution for hydropower generation and various VPP applications, we are also introducing a comprehensive financial model that presents energy management projects as an attractive investment opportunity for stakeholders keen on sustainable ventures with substantial growth potential."

As a load aggregator and community energy expert, EIPGRID envisions expanding its innovative energy solutions to other communities in Jeju, including hotel resorts, water factories, and even the local airport. With an eye on global sustainability, the company plans to scale its operations to other countries in the foreseeable future.

About EIPGRID

EIPGRID Inc. is a community energy services and solutions provider with more than a decade of experience in the energy domain and operations across the globe. Headquartered in Seoul, South Korea, the company offers a product line designed to support all energy market players, from community managers and end-users with energy resources, to power aggregators and utilities in charge of the grid. Recently the company launched AMADEUS, AI-based energy resource portfolio automation solution which enables all market participants to maximize their profits through various business applications, including Demand Response, Solar, Energy Storage, EV, Micro-Grid, and simultaneously explore numerous benefits of the RE100 business model and CO2 trading. For more information and updates, visit EIPGRID's official website, LinkedIn, Youtube, and X.

Media Contact:

Ena Elek
[email protected]
+82-2-3430-1752

SOURCE EIPGRID