LG Electronics in collaboration with Korea Water Resources Corporation (K-Water) are taking solar to the seas. Okay, maybe just dams and rivers for now. The two are actively conducting research into floating solar power generation technologies. The companies have signed a memorandum of understanding at the K-Water HQ in Daejon according to BusinessKorea. They will utilize engineer employees to invent solar-water technologies in hopes that it will generate energy.
Their main aim is to build floating solar power panels that would be placed in seas, dams and open bodies of water to hopefully catch some sun. BusinessKorea says that solar power generation "is known to have about 10 percent higher energy efficiency compared to land solar power generation" due to the cooling effect that water has on a solar panel. The solar panel is kept cool by the water and does not consume as much land as land-based solar panels.
Part of the agreement stipulates that the companies must create an energy storage system together, must open water purification plants and a tidal power plant, among other small businesses that they must open as well.
President of K-Water, Lee Sang-bong, said: "Solar energy generation is one of the best systems that can create synergy with diverse water resource at reservoirs, dams, and beaches. We will push ahead with the global energy market with K-water."
In a recent video published by TechInsider, a floating solar farm in a reservoir outside of London was shown off by Thames Water. The claim by TechInsider is that they pay $144 million for power in London but the new solar farms could cut $28 million off of that bill.