Innovation Management Overview

Why is this Important?

The electricity and energy industry is now facing rapid transformation across all aspects. Research and development play important roles in adapting to the evolving demands of this new industrial era. This includes the production of batteries using modern technology, the application of the Internet of Things (IoT), establishing efficient data center to support industry requirements, and using expertise in renewable and clean energy to meet the growing demand. In addition to developing the plans for technology and smart systems, EGCO Group prioritizes internal innovation development. This involves fostering innovative and creative processes to enhance operational efficiency in alignment with business strategies and context needs.

Sustainability Material Topic: Digital Transformation & Innovation Management
Stakeholder Impact on Materiality Topics

Employee

Shareholders

Government Agencies

Business Partner

Contractors and Subcontractors

Customers

Media

Management Approach

Innovation Target

Long Term Target

  • At least 3 new business projects per year to be approved by the investment board of directors.

2023 Target

  • Three new business projects to be approved by the board of directors (including the investment via Innopower Co., Ltd. and innovation contest).

  • Three of the candidate innovation projects can be practically implemented and one innovative idea can be classified as a new business project.

2023 Performance

  • Three new business projects were approved by the investment board of directors.

  • There were 28 candidates for innovation and innovative ideas.

  • Among the candidates, 8 projects were implementable and 4 innovative ideas were classified as new business projects.

EGCO Group Innergy

EGCO Group encourages its personnel to apply innovative ideas and creations into their working processes to continually improve performance and drive the organization toward sustainable development, as well as strive for building a learning organizational culture.

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Open Innovation

In 2021, EGCO Group and its joint ventures established Innopower Co., Ltd. with the objective to generate additional revenue from energy innovation and new S-curve businesses by seeking for new energy market and products.

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Related Documents

Policies, Requirements and Performance

Updated as of April 2024

The information reported above was prepared in accordance with the Global Reporting Initiative Standards (GRI Standards). It has been audited by an external party and has received limited assurance through the 2023 Annual Report.