May 19, 2020

South Australia’s Port Lincoln to house $117.5mn hydrogen power plant

South Australia
Australian energy industry
Thyssenkrupp
Addie Thomes
2 min
South Australia’s Port Lincoln to house $117.5mn hydrogen power plant

Hydrogen Utility and Germany’s thyssenkrupp are to develop and run Australia’s first green hydrogen power plant, and one of the biggest in the world to date.

Costing $117.5mn to deliver, the project will be constructed near Port Lincoln will integrate a portfolio of innovative hydrogen technologies, including a 15MW electrolyser plant, a distributed ammonia production facility, and a 10MW hydrogen-­fired gas turbine and 5MW hydrogen fuel cell, which will both supply power to the grid.

Hydrogen Utility CEO Dr Attilio Pigneri said: “The facility will be an exemplar of the synergies associated with hydrogen.

“It will provide balancing services to the national transmission grid, fast frequency response support to new solar plants under development in the Eyre Peninsula, supply green ammonia and other chemicals to the local farming and aquaculture sectors, and host the demonstration, at scale, of novel supply chain technologies for the export of green hydrogen from Australia to markets in the Asia-­Pacific region.”

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Hydrogen can be produced from renewable sources such as wind or solar through electrolysis. Surplus electricity from renewable generators is used in an electrolyser to split clean water into hydrogen and oxygen. That hydrogen can then be used to power fuel cell vehicles, make ammonia, generate electricity in a turbine or fuel cell, supply industry, or to export around the world.

The Australian government is contributing around $12mn in grants and loans from its Renewable Technology Fund, while 30 construction jobs and another 30 operational jobs will be created by the works.

South Australia Treasurer Tom Koutsantonis added: “Hydrogen also offers an opportunity to create a new industry in South Australia where we can export our sun and wind resources to the world.

“South Australia is at the global forefront of a broad range of storage technology, from big batteries, to virtual power plants to pumped hydro – now we will also be home to one of the largest hydrogen production facilities in the world as well.”

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Jun 13, 2021

Seo JungJin: Who is EY’s World Entrepreneur of 2021?

EY
entrepreneurs
Leadership
celltrion
Kate Birch
3 min
From just US$45,000 capital in 2003 to a world-leading biopharma giant with revenues of US$1.69bn today, Seo JungJin is crowned EY World Entrepreneur 2021

Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.

Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.

JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.

Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.

Why was JungJin crowned King Entrepreneur?

A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.

The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.

According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.

Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.

“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”

How did JungJin get there?

JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.

Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.

And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.

With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.

“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”

 

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