U.S. solar power business cements itself as a flagship business of T&I Group’s project development portfolio
In the renewable energy sector, Samsung C&T is actively expanding its solar power development business in the U.S. In 2018, a wind and solar power energy cluster, then the single largest renewable cluster, was successfully built in Ontario, Canada by the T&I Group with a total capacity of 1,369 MW (Wind: 1,069 MW, Solar: 300 MW)
Samsung C&T also made its foray into the U.S. market in 2018. Since then, a solar and energy storage system (ESS) pipeline with a total capacity of 13 GW has been developed. The company is focused on a pre-NTP process that involves project planning, title securing, Interconnection study, permitting process, etc., as it is competitive in data collection based on its extensive global network, project planning, negotiation, etc. – skills of which it has long sharpened as a general trading company.
Following the project development in California, Texas, etc., Samsung C&T is constantly making meaningful progress by landing a new deal with a local energy company in the U.S. As such, the solar power development business is solidifying itself as T&I Group’s new bedrock for continuous growth.
Furthermore, in September 2022, Samsung C&T established Samsung C&T Renewable Energy Australia, a local subsidiary in Australia, with an aim for expanding the solar power business beyond the U.S.
Samsung C&T strives to expand rechargeable battery recycling business overseas
In the rechargeable battery materials sector, in 2011, Samsung C&T acquired stakes as a strategic investor in a Korean company that is equipped with raw materials extracting technology for rechargeable battery recycling. Since then, Samsung C&T has been sourcing extracted nickel and cobalt to companies that manufacture battery materials.
Leveraging its business know-hows and extensive network acquired as a general trading company, the T&I Group is strengthening its partnership with companies specialized in rechargeable battery recycling. Recently, it has started to jointly develop the rechargeable battery recycling business in Germany.
Samsung C&T is set to seek various business opportunities across the clean hydrogen value chain
Furthermore, Samsung C&T is strengthening its partnership in various eco-friendly areas such as clean hydrogen importation, environment-friendly materials, etc. with competitive companies across the value chain.
The company strives to develop the hydrogen business in line with the transition to a hydrogen economy, building on various experiences and know-hows acquired from energy resources trading and renewable energy business.
Samsung C&T is actively extending its cooperation with prestigious companies at home and abroad across the hydrogen industry value chain. In 2022, the company signed a memorandum of understanding (MOU) with Namhae Chemical, Doosan Enerbility and LG Chem on hydrogen production and utilization. Also, an array of other MOUs was signed with KSS Line on eco-friendly transportation, and with Petronas Hydrogen in Malaysia on clean hydrogen business.
Despite the unfavorable business environment caused by protracted global inflation, policy tightening, etc. Samsung C&T aims to achieve sustainable growth by strengthening its risk management, boosting competitiveness of its product and service, and seeking new growth engines in the eco-friendly energy sector, etc.