STX jumps on green bandwagon

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Thursday, 07 May 2009

STX Group said yesterday it aims to generate 6 trillion won of revenue in renewable energy and eco-friendly businesses by 2015.  The group, currently focused on shipbuilding, shipping and construction , plans to invest in solar, wind, water and other sources of renewable energy sources. It will also develop low-carbon, eco-friendly technologies in its existing businesses.
"The growth of the future will be in areas of alternative energy, high efficiency and environmental-friendliness in a shift from traditional businesses," said STX vice-chairman Lee Jong-chul.
Corporations around the world are jumping on the green bandwagon. Lee said the Korean group will carve out a competitive edge, utilizing its experience in wind and solar power sectors in the domestic market and expanding on them.
As part of group-wide efforts to develop a green business strategy, the group in March put related businesses under the Green Technology Unit of STX Corp., the de-facto holding company of STX Group.
STX runs a solar cell-manufacturing plant in Gumi, North Gyeongsang Province and plans to expand the business. It aims to establish a 300 megawatt-class solar-cell production base by 2015.
The group also has plans for water treatment, fuel cells, bio energy and other sectors, it said.
STX Group owns the world's fifth-largest shipyard, STX Shipbuilding, and Europe's largest, STX Europe, formerly Aker Yards. Its other core units are STX Pan Ocean, STX Engine, and STX Corp.
Source: Korea Herald