- G8 enters into MOU agreement with ODIN South Korea for the development of next generation wind power systems
- Advances Modular construction has two registered patents and 55 other patents in countries like the United States and Europe, and is renowned to be economically efficient and eco-friendly with low space occupancy
- Advances design enables wind energy with low velocity of 3m/s with ultra-low noise levels, which is suitable for Singapore and other coastal and urban applications
SINGAPORE – Media OutReach – 18 May 2022 – Singapore-based technology company, G8 has entered into an agreement (“MOU”) with the South Korean wind energy producer, ODIN to develop a charging tower powered entirely by renewable wind energy. Its highly sophisticated design will boost capacity factor and electrical value. Engineered with state-of-the-art energy management functions, the tower will also enable recharging, real-time interconnectivity, as well as smart peak power consumption management.
ODIN is a multi-layered cylindrical tower that generates electricity independently. The venturi and vortex effect on the opposite side of the tower creates gusts of wind and increases wind speed, making it the world’s first renewable energy technology to maximize power efficiency. Its rooftop will be used for a variety of functions related to its commercial enterprise. The tower’s lowest levels host an energy generating layer that could potentially be used to power infrastructure projects in urban areas and offshore islands.
Gerald Tan, Founder & Managing Director at G8 said, ”We are excited about this collaboration with our S-Korean partners and we will utilize this proven technology to increase the efficiency and capacity factor of wind power generation for our Island Power and offshore based systems. G8 Energy has responded to the strong demand for renewable energy by accelerating investment in the industry. As G8 and ODIN embark on this new partnership, both companies hope to realize their aspiration of ushering in a future powered by clean infinite energy.”
Emerging Enterprise: G8
Having received Singapore’s 2021 Emerging Enterprise Award, G8 remains committed to capitalizing on the robust demand for renewable energy technologies. The company’s ambition for a potential NASDAQ listing in 2022 has attracted a USD 10 million investment and technology collaboration deal with 3DOM of Japan, valuing G8 at USD 200 million. Growing interest from investors has positioned the Group as leaders in sustainable energy storage and wind and solar energy exploration globally. Together with 3DOM as a technology partner, the Group has set its sights on playing a key role in the battle against climate change with complete green energy generation and storage solutions.
Demand is growing faster than in any other region worldwide, supported by expanding populations, robust economic growth prospects, and significant potential due to the low market penetration of renewables4. Global consulting agency Deloitte predicts that the aggregate installed capacity of floating photovoltaics (FPVs) will reach 5.2GWp globally by the end of 2022, representing US$4 to 5 billion in spending.
G8 has nearly 3 gigawatts (GW) of renewable energy and sub-sea transmission projects under development in Asia. Its footprint spans Indonesia, South Korea, India, and soon, Africa.
The issuer is solely responsible for the content of this announcement.