SEOUL -- KT Engineering, the renewable energy wing of South Korea's top telecom company KT, has joined hands with World Power Tech, a domestic small and medium-sized steam turbine maker, to seek new business opportunities. Smaller steam turbines are ideal for powering small areas using smart grids. They do not consume as much fuel as their gigantic-sized brothers.
A steam turbine is a thermal power plant facility that uses steam to generate electricity. Currently, Doosan Heavy Industries & Construction is South Korea's largest gas and steam turbine maker for large-sized power plants. The smaller plants are dependent on foreign products made in Germany and Japan. World Power Tech is the sole maker of homemade steam turbines for small and medium-sized plants.
KT Engineering said in a statement on September 6 that the company has signed a memorandum of understanding with World Power Tech to seek new business opportunities in South Korea's micro steam turbine market by setting up channels for distribution, steam turbine-based power generating infrastructure, and the utilization of byproducts and waste resources collected from power plants.
The renewable energy company will be in charge of marketing and customer services while World Power Tech focuses on the development, manufacturing and distribution of small-sized steam turbines. "This partnership will become a bridgehead for KT Engineering to expand the scope of business from renewable facility establishment-centered projects out to solution-based energy businesses," KT Engineering's executive director Lee Soo-gil was quoted as saying.
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