EIPGRID acquires Mirae & Hwangyung and launches VPP + EaaS Ecosystem
EIPGRID, a pioneer in global community energy solutions, announces a significant stride in sustainable business models with the acquisition of Mirae & Hwangyung (FE), a leader in the load aggregation business based in Jeju Island. This strategic move heralds EIPGRID’s entry into the ‘Virtual Power Plant (VPP) + Energy-as-a-Service (EaaS)’ business ecosystem, demonstrating an unparalleled commitment to integrating sustainable and innovative energy solutions.
The acquisition signifies the beginning of EIPGRID’s direct involvement in the load aggregation business, marking its first step towards creating a robust business ecosystem, xVPP. This ecosystem aims to amalgamate Virtual Power Plant and Energy-as-a-Service business opportunities into a unified platform. Leveraging its expertise in Demand Response (DR) technology and business infrastructure in Jeju Island, EIPGRID is poised to introduce VPP and EaaS applications starting from Jeju, with plans for global expansion.
EIPGRID’s journey in the energy sector, dating back to 2010, has been marked by significant expertise across various applications, including demand response, energy resource management technology, and Virtual Power Plant operations. The acquisition of FE is a pivotal moment in EIPGRID’s expansion, transitioning from energy solutions and services into the realm of load aggregation business. This strategic merger aims to revolutionize Jeju Island’s energy sector by introducing a diverse range of energy applications tailored to the community’s evolving needs.
With its patent for “Vehicle-to-Grid (V2G) Gamification,” EIPGRID has introduced an innovative EV technology, gamifying the tour experience for electric rental car users. This not only promotes sustainable transportation but also engages users in the energy trading market, enhancing the island’s EV charging infrastructure and tourist attractions.
The FE acquisition enables EIPGRID to explore hydropower opportunities in Jeju, with technology allowing fish farms to generate electricity using small turbines. This, combined with an advanced energy management system, optimizes resource utilization and cost-effectiveness for operators.
CEO Tony Lee expresses EIPGRID’s commitment to sustainability and the potential for growth and investment in the energy market. By offering cutting-edge solutions for hydropower generation and VPP applications, EIPGRID introduces a comprehensive financial model for energy management projects as attractive investment opportunities.
EIPGRID envisions expanding its innovative energy solutions to other communities in Jeju, including hotel resorts, water factories, and the local airport. With a focus on global sustainability, the company plans to scale its operations internationally, setting a new standard in the energy sector.
EIPGRID’s acquisition of Mirae & Hwangyung and the launch of its VPP+EaaS ecosystem represent a transformative shift in the energy sector, emphasizing the importance of sustainable and innovative energy solutions. This strategic initiative not only enhances Jeju Island’s position as a hub for renewable energy solutions but also sets a precedent for global energy markets. EIPGRID’s commitment to integrating various energy solutions into a cohesive ecosystem showcases a future where community energy management is both sustainable and economically viable, marking a significant step towards achieving global sustainability goals.