-Daegu Energy and Environment change name to Daesung Energy and Environment scheduled for March 29

[March 21, 2011] Daesung Group announced on March 21 that it has changed the name of its main subsidiary from Daegu City Gas to Daesung Energy.

Daesung Energy received approval and officially changed the company name during its regular stockholder meeting at its Namsangsa-Dong Jung-Gu headquarters. 

According to a company official, “We decided to change the company name as part of our efforts toward corporate identity integration carried out at the group level for the past few years. Just as we changed the name of our subsidiaries in finance, from Binext Capital Corporation to Daesung Private Equity and Acts Capital Management to Daesung Investment Advisors, we took the opportunity at our regular stockholder meeting to change the name of Daegu City Gas, a major subsidiary of Daesung Group.”

In addition, the company announced, "With the successful listing of Daesung Energy on the Korean stock exchange again last year, its corporate value has been reappraised. This name change is an opportunity to utilize the 'Daesung Group' brand name to its advantage and will actively push forward in discovering new growth engines through diversification in the domestic and international markets."

After announcing its second foundation in 2000, Daesung Energy expanded its areas of business to include not only city gas but also renewable energy and various other sectors. The company developed a solar-wind hybrid energy generating system (SolaWin) and completed its GEEP (Green Eco-Energy Park) project in efforts to prevent desertification in Ulaanbaatar, Mongolia in 2009. Daesung Group also completed the Mandakh project, which supplies electricity, drinking water, and agricultural water to help prevent desertification in Mandakh—also in Mongolia---last year. Moreover, Daesung Group has expanded the SolaWin project to other countries such as Kazakhstan and Bangladesh. It is also in the process of completing the building of Korea's first and largest tower-type solar thermal power plant. Furthermore, the company is either in the middle of or has already completed and is operating projects in fuel cell, CES (community energy supply) and solidification of household waste. Daesung Group also operates Welbay, an online shopping mall that specializes in environment-friendly agricultural products.

On March 29 during its regular stockholder meeting, the main item on the agenda will be changing the name of its subsidiary Daegu Energy and Environment to Daesung Energy and Environment..

Daegu Energy and Environment operates a landfill gas (LFG) facility that turns landfill gas into useful energy in Bangcheon-ri in Daegu. It has invested 26.8 billion KRW into the project which has been in operation since October 2006. With 50 million ton of gas every year, the landfill site provides heating to nearly 100,000 households. The company was certified as a Clean Development Mechanism (CDM) project by the UN and is anticipated that it will earn around 4~5 billion KRW worth of certified emission reduction (CER).