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GC Biopharma Signs Power Purchase Agreement with SK E&S

YONGIN, South Korea, Oct. 10, 2023 /PRNewswire/ — GC Biopharma Corp. announced on today that it has signed Power Purchase Agreement (PPA) with SK E&S Co., Ltd on October 5th at its Ochang Plant.  

PPA is an electricity trading contract signed directly between a power generator and a customer company. Under this agreement, the company can purchase and use electricity typically generated from renewable power sources directly from the power generator. PPA is a particularly efficient power supply solution for companies, who can source electricity without having to deal with price fluctuation, while reducing greenhouse gas emissions and achieve carbon neutrality.

By signing the PPA with SK E&S, which is the first PPA signed by a Korea pharma company, CG Biopharma secured total 6.7MW of renewable electricity generated from solar energy, and this will be supplied to 3 of its production sites, namely, Ochang Plant, Eumseong Plant, and Hwasun Plant over a 20-year period starting from 2026. This will help the company reduce greenhouse gas emissions by approximately 3,600 tons every year.

Seung-ho Lim, Head of Production at GC Biopharma stated, “We are pleased to sign the PPA and take part in the commitment to RE100. We will continue our efforts to be the leader in ESG by implementing corporate social responsibilities and actively participating in the global response to the climate crisis.”

“Our Renewables business holds significance as it is a way for SK E&S to support many Korean corporates achieve carbon neutrality. We are committed to expanding our renewable energy supply to help Korean companies reduce greenhouse gas emissions and implement RE100.”, commented Kun-Ki Seo, Head of Renewable Business at SK E&S.

About GC Biopharma

GC Biopharma (formerly known as Green Cross Corporation) is a biopharmaceutical company that delivers life-saving and life-sustaining protein therapeutics and vaccines. Headquartered in Yongin, South Korea, GC Biopharma is one of the leading plasma protein and vaccine product manufacturers globally and has been dedicated to quality healthcare solutions for more than half a century.

This press release may contain biopharmaceuticals in forward-looking statements, which express the current beliefs and expectations of GC Biopharma’s management. Such statements do not represent any guarantee by GC Biopharma or its management of future performance and involve known and unknown risks, uncertainties and other factors. GC Biopharma undertakes no obligation to update or revise any forward-looking statement contained in this press release or any other forward-looking statements it may make, except as required by law or stock exchange rule.

GC Biopharma Contacts (Media)

Sohee Kim

shkim20@gccorp.com

Yelin Jun

yelin@gccorp.com