Daewoo E&C signed an MOU on research to verify a convergence, smart farm technology using hydrogen fuel cells in cooperation with Pocheon IPP and Korea Plant Service at Pocheon IPP’s plant in Pocheon, Gyeonggi-do, on July 26.
Under the agreement, a container-type smart farm will be installed at Pocheon IPP’s plant in Shinbuk-myeon, Pocheon City to conduct research on the verification of convergence, smart farm technology using byproduct heat and CO2 from the power plant by 2024.
Byproduct heat and CO2 from the power plant have so far thrown away or captured before being treated. Using proper heat and high-density CO2 contributes to spurring the growth of plants, thus brining about two benefits of growing plants and reducing greenhouse gas emissions and energy losses.
Under the deal, Daewoo E&C will be responsible for raising money to fund research on verifying the convergence, smart farm, construction and operation technology. The contractor will utilize the plants grown in the process on its own.
Pocheon IPP will offer related site, byproduct heat and CO2 of the fuel cell plant while Korea Plant Service will develop business models connecting smart farms and fuel cells.
Daewoo E&C is expected to explore new business areas by developing and upgrading smart farm convergence technologies and ramping up its competitiveness by proposing convergence businesses, including smart farms, while implementing power projects down the road.
A Daewoo E&C official said, “As the significance of eco-friendly energy and carbon neutrality is growing every day, a possibility of exploring a new business model of growing plants utilizing CO2, the representative greenhouse gas, and discarded byproduct heat has opened up, and Daewoo E&C will put into practice ESG management through continued investment into R&D and grow into a global leader.”
Daewoo E&C Posts 4,690.4 Billion Won in H1 Sales, 13% On-Year Surge
Provisional figures, released in an electric filing on July 28 showed that Daewoo E&C logged 4,690.4 billion won in sales, 307.7 billion won in operating profit and 222 billion won in net profit on a consolidated basis in the first half of this year.
H1 sales represent a 13.1 percent year-on-year jump and 46.9 percent of the contractor’s 2022 annual sales goal.
Daewoo E&C saw its operating profit decline to 307.7 billion won in 2022 H1, a drop from 421.7 billion won in the first half of last year. Its net profit dropped to 222 billion won, a 22.6 percent plunge from 286.9 billion won in 2021 H1.
Looking at sales by business area, the home construction business chalked up 3,106.3 billion won, followed by the civic engineering business with 852.9 billion won, the plant business with 583.2 billion won and other sectors with 148 billion won.
The contractor saw winning orders in the first half of the year amount to 7,771.9 billion won, a 58 percent year-on-year jump.
The figure represents a 63.7 percent portion of this year’s goal of 12.2 trillion won, announced early this year.
As a result, Daewoo E&C saw order backlog rise to 45,696 billion won, an 8.3 percent rise over the end of last year. The figure is worth of 5.2 years of work versus annual sales.
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