Hydrogen Power Company to Construct Windfarm in South Korea

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Researched by Industrial Info Resources (Sugar Land, Texas)--Hydrogen Power Company Limited (Daegu, South Korea), known as Inno Metal Izirobot Incorporated, is planning to add a windfarm to its roster. The company is divided into two commercial components. One component deals strictly in automobile parts, while the other concentrates on design services for renewable and clean energy, including solar, wind, and geothermal power, bio-gas, and hydrogen fuel cells. Hydrogen Power is responsible for the wind power complexes known as Gimcheon, Youngdong, and Taean Offshore, all of which are within 150 kilometers of Seoul.

Hydrogen Power's new windfarm will be located in the Yesan district, about 75 kilometers south of Seoul in the South Chungcheong province. Plans for the grassroot windfarm originally called for construction to begin last year, after Inno Metal Izirobot signed a memorandum of understanding with Yesan on March 24, 2009. However, because of a merger and the March 31 name change, Hydrogen Power was forced to delay plans. As of now, Hydrogen Power plans to begin construction in March 2012, after completing wind flow assessments and gaining approval late next year. When completed in 2013, the new $110 million windfarm will generate about 47 megawatts (MW) for the local grid.

As the government's First Basic Plan of National Energy comes into its own, more companies may follow the renewable energy path. Giants such as POSCO (NYSE:PKX) (Pohang, South Korea) and Hyundai Heavy Industries Company Limited (SEO:009540) (Ulsan, South Korea) are making headway in the renewable energy sector of South Korea. Smaller companies focused primarily on green energy are likely to spring up in the near future in order to comply with the government's plan. South Korea is seeking to increase green energy capacity to 11% of the country's total installed capacity by 2030.

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