SGI5 (SkyLake Global Incuvest 5) has completed its KRW 200 billion(US$ 176.4 million)  investment into POSCO Power Corporation as of March 18th, 2010.
As one of POSCO(KOSPI: 005490)’s core affiliates and Korea’s first and largest independent power producer(‘IPP’), POSCO Power operates a 1,800MW LNG combined cycle power plant in Incheon. In addition to constructing a new 1,200MW facility to provide stable power supply in the metropolitan area, the company is constructing a power generation plant using recycled by-product gas from POSCO’s steel mills. Moreover, the unlisted IPP is also accelerating its focus on fuel cell manufacturing business as part of a new growth initiative.

Fuel cell has been selected as a new growth engine by the Korean government and is regarded as key factor in the green initiative due to its high efficiency, stability of power supply and diverse applications as well as eco-friendliness. In addition to its in-house R&D activities since 2002, POSCO Power has built a strategic partnership with FuelCell Energy(NASDAQ: FCEL) to achieve full technology localization by 2012.

Recognizing the growth potential of the fuel cell business on a global scale and stability of power generation business, SkyLake Incuvest plans to utilize its strong expertise in ICT & Renewable Energy sector as well as its global network to support POSCO Power. By assisting in exporting fuel cells, advising on making acquisitions and investments to expand further energy-related businesses, SkyLake aims to contribute to the company’s leap toward “World Best GREEN Energy Company”.