POSCO E&C to be Funded by the Foreign & Commonwealth Office

- FCO highly rated the low-carbon eco-friendly technology of POSCO E&C’s proposal of the “Development of the Optimized Zero-energy Building Design”

- The project will be implemented by March 2016 with the cooperation of the University of Cambridge

SEOUL, South Korea, May 27, 2015 / PRNewswire — Back in February, POSCO E&C (CEO Hwang Tae Hyun) proposed a plan to design buildings that minimize energy loss and self-produce energy using sunlight and geothermal heat (titled “Development of the Optimized Zero-energy Building Design”), for which the company was selected in the Foreign & Commonwealth Office (FCO) Global Prosperity Fund Programme for the Sustainability segment.

As a result, POSCO E&C will implement the project along with the University of Cambridge by March 2016, during which they will receive research funding that amounts to a total £15,000 (approximately 25 million KRW).

POSCO E&C’s proposal was selected because the FCO highly rated the potential of the design plan for contributing to the reduction of carbon emissions, as well as the level of excellent eco-friendly technology that will be applied.

The FCO founded the Global Prosperity Fund Programme in 2011 and has since managed it as a means to globally develop the fields of regulatory reform, low carbon, health, IT, anti-corruption, world economic policies and future cities. It aims to support the conditions for research in Openness, Reputation, Sustainability and Opportunity. In particular, it has selected about 15 organizations in Korea per year, such as government agencies, non-profit organizations, academic institutions, and research centers.

The “Net Zero Energy Building” proposed by POSCO E&C refers to a building that minimizes energy loss due to thermal insulation materials and double glazed windows, and independently resolves air conditioning and heating as well as power supply using renewable energy, such as geothermal heat or sunlight. The combined results of consumed energy and generated renewable energy of the building amount to a state of net zero.

Based on this funding, POSCO E&C will present a commercialization model for low-carbon, net zero energy buildings, and ultimately contribute to greatly reducing global climate change through its eco-friendly technology.