Vietnam seeks collaboration with South Korea’s EN Technologies

[Courtesy of EN Technologies]

The Vietnamese government, aiming to achieve carbon neutrality by 2050 while facing severe power shortages caused by inadequate infrastructure, has chosen a Korean small- and medium-sized enterprise (SME) as its partner in the endeavor.

EN Technologies Inc., a Korean company specializing in power and electronic control technology, will collaborate with a Vietnamese state-owned company to construct energy storage systems (ESS) and electric vehicle (EV) charging stations, which are crucial for the widespread adoption of renewable energy. This partnership holds the potential to revitalize the domestic ESS ecosystem, which has been adversely affected by a series of fires.

EN Technologies announced on Monday that it signed a memorandum of understanding (MOU) with PetroVietnam Power Corp., the country’s second-largest electricity producer, in Hanoi on June 23. The collaboration aims to jointly build ESS and electric vehicle charging network. To address Vietnam’s rapidly growing local electricity demand, EN Technologies will work together with PV Power, to establish ESS systems for grid stabilization.

Moreover, the two sides will cooperate in the development of ESS in conjunction with Vietnam’s electric vehicle charging infrastructure. In February, they already signed an MOU to construct an EV charging network at gas stations owned by PetroVietnam Group throughout the country. The implementation of this project is progressing in stages and the companies anticipate generating annual sales of approximately 100 billion won ($76.4 million) through this initiative.

“By applying our advanced ESS technology, we will contribute to PV Power’s grid stabilization efforts for renewable energy projects. Our aim is to stabilize Vietnam’s power supply and establish eco-friendly vehicle infrastructure, aligning with the government’s zero-carbon policy,” Tay Lee, chief executive officer of EN Technologies.

EN Technologies, founded in 2003, ranks first in Asia and second globally in ESS supply. It is one of the oldest companies in Korea, specializing in ESS development and construction. In 2018, EN Technologies became the first Korean energy company to collaborate with General Electric Co. on solar power generation and ESS business. Building upon this partnership, the company successfully installed and operated a power conversion system at the Haenam Solar City project in South Jeolla province. This project represented the largest solar-connected ESS project in South Korea, boasting a battery capacity exceeding 300 megawatt as of 2020.

EN Technologies specializes in developing, constructing and operating large-scale ESS projects, particularly in collaboration with GE. Vietnam is said to have recognized the company’s ability to install and operate large-scale ESS systems exceeding 500 MW without any fire incidents. Moreover, the company was the first in Korea to develop and produce an electric vehicle charger with green certification in 2010. It boasts exceptional technology in the field of power modules, which are essential components of fast chargers. EN Technologies was named as the sole SME specializing in electric vehicle charging and ESS during President Yoon Suk Yeol’s economic mission to Vietnam.