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Jeju-do signed an investment agreement with VGEN, a power trading platform company
On December 15th, Jeju-do signed an investment agreement with VGEN, a power trading platform company, at the Jeju Provincial Office. The agreement focuses on new investments and job creation, among other key points.
VGEN is a power trading platform company that uses artificial intelligence (AI) technology to predict and adjust power production and demand in real time. The company has the technology to integrate and operate scattered solar power plants, electric vehicle batteries, and energy storage systems (ESS) as a virtual power plant (VPP).
VGEN has moved its headquarters to the Smart Building in Jeju Free International City Development Center (JDC) and aims to list on the KOSDAQ by 2027.
Due to its high share of renewable energy, Jeju-do has repeatedly experienced power supply and demand imbalances, including overproduction of electricity and output limitations depending on weather conditions.
Jeju-do expects to operate the Jeju power grid in a more stable way by utilizing VGEN's technology. For instance, it will be possible to store excess electricity in batteries and use it when needed, as well as integrating and managing distributed energy from electric vehicles, buildings, and other sources.
Furthermore, VGEN plans to use Jeju-do as a hub for technology verification and business growth based on this agreement and intends to hire new personnel.
koss@yna.co.kr
Source Text
Date
2025.12.17
Views
2
According to Yonhap News,
On December 15th, Jeju-do signed an investment agreement with VGEN, a power trading platform company, at the Jeju Provincial Office. The agreement focuses on new investments and job creation, among other key points.
VGEN is a power trading platform company that uses artificial intelligence (AI) technology to predict and adjust power production and demand in real time. The company has the technology to integrate and operate scattered solar power plants, electric vehicle batteries, and energy storage systems (ESS) as a virtual power plant (VPP).
VGEN has moved its headquarters to the Smart Building in Jeju Free International City Development Center (JDC) and aims to list on the KOSDAQ by 2027.
Due to its high share of renewable energy, Jeju-do has repeatedly experienced power supply and demand imbalances, including overproduction of electricity and output limitations depending on weather conditions.
Jeju-do expects to operate the Jeju power grid in a more stable way by utilizing VGEN's technology. For instance, it will be possible to store excess electricity in batteries and use it when needed, as well as integrating and managing distributed energy from electric vehicles, buildings, and other sources.
Furthermore, VGEN plans to use Jeju-do as a hub for technology verification and business growth based on this agreement and intends to hire new personnel.
koss@yna.co.kr
Source Text
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Source: Yonhap News (December 15, 2025)