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    A034020   KR7034020008

DOOSAN ENERBILITY CO., LTD.

(A034020)
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End-of-day quote Korea Stock Exchange  -  05-25
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Doosan Heavy Industries nstruction : Wins KRW 110bn ESS Contract in Australia

12/16/2021 | 05:39am EDT

2021.12.15 | Doosan Heavy Industries & Construction

Doosan Heavy Wins KRW 110bn ESS Contract in Australia - EPC work and O&M services to be carried out together with US subsidiary Doosan GridTech
- Business expansion pursued in Australian ESS market which is forecast to grow to 40GWh by 2030

Doosan Heavy Industries & Construction, in collaboration with its US subsidiary Doosan GridTech, recently won an energy storage system(ESS) contract valued to be approximately KRW 110 billion in Australia. It was announced on December 15th that the Doosan Heavy-Doosan GridTech consortium had received the Notice to Proceed (NTP) for the Capital ESS Project in Australia from the client, the French renewable energy developer Neoen.

The Doosan consortium will be delivering the ESS as an engineering, procurement and construction (EPC) project, with implementation of the ESS to take place by March 2023 in the Jerrabomberra district of the Australian Capital Territory, which contains the national capital Canberra. Once the construction is complete, Doosan will be providing operation & maintenance services for 20 years thereafter. The ESS battery, with a capacity of 200MWh, will be capable of supplying electricity to approximately 25 thousand households daily.*
* Based on the monthly average electricity consumption of 240kWh per household in Seoul (Source: KEPCO Open Data Analytics Center)

The Doosan GridTech Intelligent Controller (DG-IC), the company's control software, will be applied to the ESS, enabling electricity from off-peak times to be stored in the battery, so that it can be used later on as needed during peak hours.

"This project being won on the heels of last year's Queensland project, which was the largest ESS contract in the region to date, once again proves that Doosan GridTech's ESS software is globally recognized in markets such as Australia and the States for its stability and operational efficiency," said Inwon Park, CEO of Doosan Heavy's Plant EPC Business Group. He added, "By leveraging Doosan's EPC capabilities and creating synergy, we plan to continuously pursue business expansion in the rapidly growing Australian ESS market."

With the percentage of renewable energy generation continuously on the rise in Australia, the demand for ESS is also growing rapidly. According to BloombergNEF (BNEF), a leading strategic research provider for the energy industry, the Australian ESS market (in terms of cumulative installed capacity) is forecast to rise from 1.9Gwh in 2020 to 40Gwh by 2030, which would be equivalent to a 20-fold increase over a period of ten years.

Disclaimer

Doosan Heavy Industries & Construction Co. Ltd. published this content on 15 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 December 2021 10:38:06 UTC.


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