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LX Pantos Joins Forces with Korea East-West Power
for Green Energy Production
- Signing a memorandum of understanding (MOU) to install a solar power plant on the roof of the LX Pantos’s Sihwa MTV Logistics Center
- Signaling a win-win collaboration model for eco-friendly power production by drawing on both companies’ business acumen
- Contributing to ESG management and green logistics practices through reduced carbon emissions
LX Pantos (CEO: Lee Yong-ho) and Korea East-West Power (CEO: Kim Young-mun) are joining forces to expand their eco-friendly renewable energy production.
On January 29, 2024, the two companies signed a memorandum of understanding (MOU) at LX Pantos’s headquarters in Jongno-gu, Seoul, for the installation of a solar power plant on a logistics center roof as part of efforts to reduce greenhouse gas emissions.
Under the agreement, LX Pantos is providing approximately 18,000 m2 of roof space at its Sihwa MTV Logistics Center as a business site, where Korea East-West Power is constructing a 2.5 MW solar power plant. The power generator takes charge of its operations and transactions of the solar power generated there. The produced electricity will be reliably supplied to the logistics center through a transmission and distribution network provided by the Korea Electric Power Corporation (KEPCO).
This power generatoris noteworthy for its connection of produced power to the KEPCO power grid, ensuring a stable supply without concerns of power overload compared to the previous method of internal storage and usage of generated power.
This collaboration is a win-win model benefiting both companies. LX Pantos is improving its logistics center's eco-friendliness by replacing part of its electricity with solar energy. At the same time, Korea East-West Power can efficiently produce renewable energy that uses idle space at the same logistics center. LX Pantos anticipates that the project’s greenhouse gas emissions reduction will total 10,000 tons over the next 20 years.
Lee Yong-ho, CEO of LX Pantos, commented on this: "This collaboration is an effective ESG cooperation model that combines the business capabilities of both companies and serves as a practical example of the green logistics being pursued by LX Pantos.” He added, “We will consider installing more solar power facilities at our logistics centers at home and abroad.”
Kim-Young-mun, CEO of Korea East-West Power, expressed pleasure in playing a role as a partner in realizing LX Pantos’s green logistics, stating, “We will continue to actively collaborate, utilizing Korea East-West Power’s experience in the renewable energy business to help LX Pantos respond to climate change and transition to renewable energy.”
LX Pantos, under the ESG management vision “Value Deliverer for People and the Planet,” is taking the lead in the logistics industry’s eco-friendly transition by participating in sustainable aviation fuel (SAF) program, obtaining the ISO 14001 environmental management system certification, and using eco-friendly materials in logistics center operations.
[Photo Caption] LX Pantos CEO Lee Yong-ho (left) poses with Korea East-West Power CEO Kim Young-mun
after inking the MOU at LX Pantos’s headquarters in Jongno, Seoul, on January 29, 2024.