South Korea: LG Electronics and government utility sign technology partnership

LG Electronics, a South Korean electronics company, has announced that it will seek to develop its water energy resources business in cooperation with the state-run water energy agency K-water. Under the agreement, the company will seek business opportunities in countries that lack an electricity supply infrastructure. Through the partnership, the two companies will jointly develop water energy technologies and seek business models tapping into dam facilities operated by K-water. In particular, the two will focus on floating solar power generation, which is considered fit for countries with limited territory like Korea, as it does not occupy land that can be used for forests and farmland. Floating solar power generation is known to have about 10 percent higher energy efficiency compared to land solar power generation because the water surrounding the facility cools it down.