Young In Engineering in deal with Equinor in Ulsan offshore wind project

[Image captured from Young In Engineering homepage]

Young In Engineering Co., South Korea’s electric engineering company, became owner’s engineer for Equinor ASA in a wind offshore farm project that the Norwegian state-controlled energy giant embarked on.

It marked the first time a small- to medium-sized Korean company joined a project worth a few trillion won, led by a global offshore wind energy company. Equinor is the world‘s leading company in offshore wind, with an annual sale of $200 billion and 22,000 workforce.

The term owner’s engineer refers to a role responsible for minimizing risks and preventing quality issues in a business project to help the client reduce costs. The position is often equal to a leader in specific project sectors.

“Young In Engineering is the first small- to medium-sized company in Korea to be selected as an owner’s engineer by an international firm and we will oversee every electric procedure to ensure a safe supply of electricity in the project,” said Kim Young-dal in his interview with the Maeil Business Newspaper on Monday. “We will provide technical advice and solutions to potential risks in the wind farm off the coast of Ulsan. We will also become a world-leading company to join global offshore wind projects.” Kim added that the company sent its task force to the construction site.

The project spans two 75 square kilometer areas located around 70 kilometers off the coast of Ulsan. The Norwegian company signed a memorandum of understanding with the city in May 2019 to build an 800-megawatt offshore wind farm off the coast and obtained a power generation license at the end of 2021. The project is expected to start commercial operations between 2027 and 2028.

“By joining the project, we laid the foundation to expand our market presence in Europe,” said Kim. “Energy crises triggered by Russia’s invasion of Ukraine forced European countries to increase investments in offshore wind power plants, which has, in turn, created more opportunities for Young In Engineering.”

Young In Engineering is seeking to expand its portfolio in the local market.

The company has partnered with EcoPro BM Co., a Korean cathode materials maker, for a cathode battery project. The two sides are now in talks for the third round of contracts, following settlements in the first and second contracts since late last year. The project aims to build a cathode production plant in Hungary worth 970 billion won ($722.7 million).

The Korean electric company targets sales of 150 billion won this year, more than doubling from last year’s 62 billion won.