Press Release

SPSI Opens New Era of Solar Power for the Republic of Korea

SPSI Opens New Era of Solar Power for the Republic of Korea

After a long time of preparation, SPSI is finally ready to start opening a new era of solar power in the Republic of Korea.

In order to produce the best thin-film type CIGS solar panel in the world, SPSI decided to establish the second Baoen factory at No. 733 Ujin-ri, Samseung-myeon, Baoen, and held the commencement ceremony on November 3, 2022. More than 550 domestic and foreign guests, including MANJAE LEE, CEO of SPSI, attended the ceremony.

MANJAE LEE started his first acquisition at the head office of DOW Chemical Group in Michigan in 2018. And in order to acquire the largest chemical group subsidiary in the world, after another two acquisitions, SPSI finally signed a contract with the U.S. DOW Chemical Group on September 13 to acquire the world’s most competitive thin-film type CIGS solar cell and all things related.

However, this joy didn’t last long. When signing the purchase contract and preparing to transport all the equipment back to SPSI, the heavy rain in Michigan and then the world pandemic caused by coronavirus occurred, making the whole process postponed. After a long wait, about two years later, on August 17, 2021, MANJAE LEE finally decided to go to the United States to sign the final contract again, and perfect the purchase through the new contract.

At the ceremony, MANJAE LEE said that it has been 9 years since he became interested in solar power, and now a building of more than 5,000 square meters will be built there. The building plans to install 50 Mega production lines of SPSI modules. It is estimated that more than 100 billion won will be needed to build this place, including all the cutting-edge mechanical and security equipment. Most of the funds are invested in Japan and the United States. The 50MW solar module produced is planned to be used for the solar module in the street lamp industry and the production industry related to ESS batteries. He also stated that according to the production of modules, the annual sales is expected to be about 650 billion won.

LEE spoke about his personal life at the ceremony: “I volunteered to join the army and served as the 606 anti-terrorism personnel of UDT in the special forces. I challenged the limits of human beings in harsh environment like sky, water, and mountains. I told myself that when I came to the United States alone, even if I hit a high wall, I would not shrink back. Standing here is a victory that I am familiar with in the fight with myself in the special forces.”

He also confided: “How can the past 10 years be described in words? Instead of saying it’s hard work, I comport myself by thinking this as my precious experience in the broad world. The road I went on for the first time will become a better road for others.”

LEE continued: “Although my parents were not rich, they worked hard and lived an honest life. My father was a person who helped people around him without any conditions and shared everything. He just worked silently and then left the world. Although he wasn’t perfect, I help and share all the love like my father, so that no one in the world suffers. We will actively support and work to prevent anyone from being harmed or getting sick because of SPSI. And I will never forget that you have provided great help and support at this ceremony of taking the first step towards success.”

Yueng-ki Kim, the representative of WeGo, a company focused on blockchain mainnet, said: “From very early on, SPSI Group has laid the foundation to become the leader of the solar power industry based on experience and technology. it has always laid the foundation of the largest hot spot of this era – environmental energy industry with continuous technological innovation and decisive investment. In order to overcome the energy crisis, the development of solar panels that can generate green energy and sewage sludge treatment technology that can minimize environmental pollution are really the best technologies in the world, spanning the global industry. I think SPSI is an enterprise that can lead the industry.”

Kim continued: “The Baoen factory will become a valuable opportunity for SPSI Group to further leap forward. In order to achieve sustainable growth, enterprises should look forward to the trend, find potential areas and make appropriate investments in a timely manner. From this point of view, I am sure that the leading investment of SPSI Group is a very valuable challenge and will be successful eventually.”

As a congratulatory speech, Reserve Army Major GeneralKeyung-sePark spoke at the ceremony, saying that: “I assume that you all know that thin-film type CIGS solar panel is used when launching satellites from NASA, and it is the best solar power in the world. I think it will get great development in the future. In particular, it is of great significance to completely own the patents and the license of DOW, the production company of thin-film type CIGS solar panel, without any conditions.”

He continued: “It is said that eight factories will be built starting from this commencement ceremony in the future. If the factory is completed in the future, it is expected to provide the best solar power in the world. If the solar panel can be released in the first half of next year, and its settlement can be done with its own cryptocurrencies, I can expect that SPSI could make astronomical figure come true. I hope that SPSI as Republic of Korea’s new renewable energy enterprise of thin-film type CIGS solar panel will achieve great success in the future.”

In addition, Hong-cher Zen, the head of the business gave a project briefing.SPSI second Baoenfactory will cover an area of 15,795 square meters, with a building area of 3,260 square meters and a total area of 4,073 square meters.

The office building has three floors. The first floor of the office building is for the solar power consulting desk and exhibition booth, the second floor is for the solar power office space, and the third floor is for the office space of the Republic of Korea special operations alliance UDT (UDF).

The factory building has two floors. The first floor is for solar power manufacturing equipment and facilities, generator manufacturing facilities, battery manufacturing facilities, and solar power street lamp manufacturing facilities, and the second floor is for solar power equipment central control room, and CIGS manufacturing equipment publicity room.

The SPSI second Baoen factory is constructed in a way to realize the rapid manufacturing and production of thin-film type CIGS solar panel equipment in the Republic of Korea as soon as possible. In addition, more project is also planned to be built, including thin-film type CIGS solar panel R&D facilities, generator R&D facilities, and battery R&D facilities.

He continued: “SPSI will establish a Baoen comprehensive research industrial park in solar power related industries, and it will begin to create a better environment and better products from the Baoen factory. Starting from SPSI Baoen factory, we plan tobuild the 3rd and 4th factories in Sejong and Chungcheongnam-do. SPSI is a new renewable energy enterprise and we will try our best to become an enterprise that can bring good influence to many people. Please look forward to the future of SPSI and keep supporting us.”

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