Company Type

Energy Production


$167.4 Million

Investment Type

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The Corinth Group of Switzerland is seeking $167.4 million to develop Project GFC, a golden fuel cell power plant in South Korea

Expect to sell the electricity to KPX (Korea Power Exchange) and RECs (Renewable Energy Certificates) off takers

The Korean government is actively pursuing a carbon emission zero (net zero) policy and aims to achieve 20% or more renewable energy in electricity production by 2030

Fuel cell power plants are eco-friendly – do not emit any pollutants other than CO2 emissions, and are 36% less polluting than coal-fired power plants of the same size



In Korea, fuel cell power generation is classified as renewable energy. Electricity produced by renewable energy must be purchased by the Korea Power Exchange (KPX) by law

GFC can sell electricity produced by fuel cell power generation to KPX in the form of SMP (System Marginal Price), and REC (Renewable Energy Certificate) can sell it to companies subject to Renewable Energy Portfolio Standard (RPS)

From 2021, the Korean government introduced the Hydrogen Portfolio Standard (HPS) system

From 2022, electricity produced using hydrogen as a fuel will be sold at a higher price


Solution & Strategy

Customers are KPX and REC obligation companies. KPX is a public corporation, and most of the REC obligation companies are either public corporations or large corporations

Corinth expects to sell 100% of the generated electricity to them

In the case of new and renewable energy in Korea, all electricity produced must be purchased by the KPX

Korean Power Exchange Location: Naju, South Korea Korea Power Exchange (KPX) is in charge of the operation of Korea’s electricity market and power system, as well as the execution of the real-time dispatch and establishment of the basic plan for electricity supply-demand.



Martin Walter Model  Head of the Group’s Credit Management Committee

Economist at the University of Economics in Basel, serves as an Advisor to the Board and is the Head of the Group’s Credit Management Committee

Also, the CEO of Bioplatin AG, a Swiss based Biotech company, specialized in the trading of licenses for Oncology products

Martin has spent over 20 years of his professional life living and working abroad. Singapore, Hong Kong, Thailand and Korea were amongst his most important stations

Martin possesses a significant expertise in corporate and project finance that is complemented by his in-depth knowledge of the global financial markets and their geopolitics

He is an advisor to various investment companies, audit and fiduciary companies and other corporates.

Jurate Kairiene CEO Corinth Group

Serves as the President of the Board of the Group Holding Company in Switzerland. Jurate has a Masters Degree in Civil Engineering and a Masters Degree in Business Administration (MBA) at the Kaunas University of Technology

In her capacity Jurate is not only overseeing all property and construction developments within our Group but also directs the Board of Directors of the Group Holding.

Dr. Jong Ku Youn CEO

Double majored in nuclear engineering and civil engineering at Korea Advanced Institute of Science & Technology, and obtained a doctorate in civil engineering.

Developed in 2017, the Plasma-Enhanced Integrated Gasification Combined Cycle (PE-IGCC) Power Plant and led the power plant project to success.

Extensive experience in renewable energy generation projects. 


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Thanks, Ken

Ken Margolis | Managing Partner Castle Placement, LLC
1460 Broadway Street, Rte 400
New York, New York 10036
(212) 418-1188 | C: (516) 712-7784


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