Mastern Investment Management Signs 'MOU for Fuel Cell Data Center Project' with SK Eternix

Mastern Investment Management, an asset manager specializing in alternative investments, is joining forces with SK Eternix to develop Korea's first fuel cell-linked AI data center.

Park Hyungseok, CEO of Mastern Investment Management (right), and Kim Haejung, CEO of SK Eternix (left), pose for a commemorative photo after signing a memorandum of understanding (MOU) for a fuel cell-linked hyperscale data center project. Courtesy of Mastern Investment Management.

On October 8, Mastern Investment Management announced that it had signed a memorandum of understanding (MOU) with SK Eternix on October 7 at its headquarters in Seocho-gu, Seoul, for a fuel cell-linked hyperscale data center project.

Under the agreement, the two companies will jointly pursue an off-grid data center business model in which electricity generated by fuel cell power facilities located at the data center site is supplied directly through a power purchase agreement (PPA). Because fuel cells can be installed on-site, they can shorten the time to power compared with grid connections and enable data center development even in areas with poor access to electricity.

Mastern Investment Management, which will oversee the project, will lead efforts to secure a site, obtain permits and approvals, assess the scale and design of the development, establish the investment structure, secure financing, and attract tenants. Having pursued the development of an urban data center in Yeongdeungpo-gu, Seoul, Mastern Investment Management plans to expand its business into hyperscale data centers through this partnership and diversify its portfolio.

SK Eternix, which will be responsible for building the fuel cell power facilities and supplying electricity, will apply its expertise across the project, from engineering, procurement and construction (EPC) to establishing the power supply structure and handling operations and maintenance.

Based on the MOU, the two companies plan to develop the business model and assess its technical and economic feasibility.

Park Hyungseok, CEO of Mastern Investment Management, said, "Our partnership with SK Eternix, a leading renewable energy company, will be a meaningful opportunity to broaden the possibilities for data center development. We will draw on the expertise of both companies to create new growth opportunities in the data center market."

Kim Haejung, CEO of SK Eternix, said, "As fuel cells attract attention as an eco-friendly power source for data centers, we expect this business agreement with Mastern Investment Management, which has expertise in data center development and investment, to generate positive synergies. We will continue to work together to maximize each company's distinctive capabilities and present a new business model to the market."

This content was produced with the assistance of AI translation services.