LS Mtron from Korea signed a memorandum of understanding (MOU ) for the development of the “Renewable Energy Convergence Project in the Agricultural and Livestock Industries”. This involves a biogas plant project in partnership with Korea East-West Power, the Livestock Environmental Management Institute, and Sungwoo.
Goal of this project is building a resource circulation economy and achieving carbon neutrality by developing and promoting a biogas plant, based on exchange and cooperation involving the resources of the respective companies.
This MOU contains details pertaining to mutual cooperation for developing, building, utilizing, and supplying the infrastructure for biogas plant projects, developing new/renewable energy (solar power, fuel cells, hydrogen, etc.) projects, building biogas plants, providing operational know-how, supporting plant operation, establishment of concepts, and development of policies for future new/renewable energy convergence business models, and vitalizing eco-friendly technology R&D and new/renewable energy convergence projects in rural areas.
The importance of eco-friendly energy is emerging with the rapid deterioration of the global climate. Response to global climate change and acquisition of cheap energy are major roadblocks in the realization of RE100* in Korea.
According to Chairman Ja-eun Koo, the LS Group will become a key partner in leading the Carbon Free Electricity (CFE) campaign and future industries based on ‘Vision 2030’. “The mass transition into the era of CFE will be a tremendous growth opportunity for our group to focus on the electricity and energy industries.”
As a part of the LS Group’s Vision 2030, LS Mtron is aiming to build a mega biogas plant producing various new/renewable energy such as electricity, biogas, and green hydrogen, as well as natural fertilizers such as liquid fertilizer and compost using organic waste based on its infrastructure and experience in the ag industry.
LS Mtron is planning to establish a Special Purpose Company (SPC) for biogas production in partnership with Korea East-West Power and Sungwoo to jointly respond to the development of government policies and the biogas plant industry.
Jae-ho Shin CEO of LS Mtron stated: “LS Mtron will shift from the ag machinery business to agricultural industry-related businesses through this new project. We hope that Korea can secure energy in the future like the energy-independent towns in Europe through our biogas plant projects.”
*RE100: An acronym for renewable electricity and an international campaign with the goal of supplying 100% of the electricity used by companies through renewable energy such as wind and solar power by 2050
