Apr 12, 2023
By Jaewon Jung | ElecTimes
Where lies the future of energy? Although the power grid and power generation industry may come to your mind, it is actually the technology for operating diversified power resources reliably and efficiently that is expected to take the lead.
EIPGRID, which spun-off from a software company I-ON Communications in August last year, is a leading player in the energy industry with its energy platform for optimal and stable aggregation and operation of energy resources, and has recently been focusing on global expansion.
We sat down for an exclusive interview with EIPGRID’s CEO Tony Lee, and talked about the company's differentiated competitiveness and its blueprint for future development.
“The 'EIP' in EIPGRID stands for 'Energy Is Played',” Tony started by explaining the company’s unique name during the interview at his office in Seoul, “It represents an ecosystem that is decentralized from a rigid energy market structure and moved to our platform, where ‘energy is played.’”
EIPGRID has been building up technological capabilities and references in the energy domain since 2010, and has expanded its global business abroad starting from Thailand and Japan, to Southeast Asia, and recently the United States, while also preparing to enter Europe later this year. With many years of experience, the company's technology has already been recognized abroad, especially in Japan, where three out of ten TSOs (transmission system operator) are using EIPGRID's platform.
The area that EIPGRID has recently been focusing on is Virtual Power Plant (VPP). This is because VPP is a field where EIPGRID platform can be best utilized in the power industry revolution. Lee said, "The most important grid service in the global market now is the one that is tailored to each country, such as service solving Southeast Asia's poor grid problems, technology for Japan's natural disaster countermeasures, and solution tackling Europe's energy security priorities." He added, "Over the years, we have accumulated experience and technology, and these are EIPGRID's future assets."
Regarding the market outlook, Lee analyzed, "In the current market, various convergences are occurring to solve diverse challenges, and even companies operating in different fields are now directly participating in the energy business, expanding the connection with the energy industry."
In the rapidly changing energy market, providing a stable grid is crucial, and EIPGRID can deliver its already proven advanced technology in this regard. "Recently VPP is gaining momentum in Korea as well, but there is a tendency to focus on technology itself, such as AI accuracy, rather than the benefit of a stable grid. In many foreign countries, a stabilized grid will generate profit and operators can make an investment plan that best suits the market, however in Korea, with rather random renewable energy and ESS installations, the market has not been properly formed,” Lee pointed out.
In order to build a brand and expertise as an energy company, EIPGRID chose to spin-off in August last year and create a new slogan, ‘ENERGIZE OUR LIFE’, providing power and vitality to our lives through energy.
"Our goal is to ensure that resources are 'plug-and-play' on the grid regardless of whether they are solar, wind, or electric vehicles," the Chief Executive said while adding that stable operation of aggregated energy resources is the “foundation of all future businesses."
On top of that, EIPGRID is accelerating its entry into the global market through an existing partnership with parent company by establishing a bridgehead for entering Europe following its entry into the United States earlier this year.
"Energy transition is already irreversible," the CEO commented when asked about the world energy outlook. "We are determined to build a platform for energy stabilization in response to the changes in each country's market and to continue the expansion of our service both overseas and domestically.”
You can read the full article in Korean on ElecTimes website and follow Tony Lee and EIPGRID on LinkedIn to stay updated with energy industry trends.