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Entrepreneurial Vision in the Wind Energy Market Makes Farmer’s Son a Billionaire and Owner of the World’s Largest Wind Tower Manufacturer
The farmer’s son, Gim Seong-gon, managed a steel plant in the late 1980s when he became fascinated with wind energy. The businessman, who was born into a simple home, had an entrepreneurial vision and saw growth potential in this area and took action. Good news, General Motors, the vehicle manufacturing multinational, announces a billion-dollar investment in factories in São Paulo
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His CS Wind became the world’s largest manufacturer of wind towers after an injection of capital from Goldman Sachs Group. CS Wind’s shares surged over the last four years, and last year the stock price quintupled. Expectations are even higher with the change of government in the U.S.
Gim Seong-gon, now 67 years old, has become one of the richest individuals in South Korea. According to Bloomberg data, his 51% stake in the family-controlled company is valued at US$ 1.4 billion,
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“Gim was quick to identify the potential for global growth,” said Han Byung-hwa, an analyst at Eugene Investment & Securities in Seoul. “The sector experienced faster growth than other traditional businesses.”
Goldman Investment in CS Wind’s Wind Tower Factory
In order to take advantage of cheaper labor, Gim set up the first CS Wind wind tower factory in Vietnam in 2003. In just 5 years, the businessman received an investment of 47.2 billion won (US$ 43 million) from Goldman Sachs, which helped expand operations to seven countries.
Currently, CS Wind also operates factories in Malaysia, China, and the United Kingdom and sells its wind towers to clients such as Siemens Gamesa Renewable Energy, General Electric, and Vestas Wind Systems.
The company plans to expand and build factories in the U.S., where the current government has committed to prioritizing suppliers with local facilities.
“Running a business means constantly finding new goals,” Gim said in an interview with an internal publication in 2014. “When a goal is achieved, you must move on to another. That’s how I managed the business.”
Investments in low-carbon energy technologies and projects more than doubled in the last decade to US$ 501.3 billion last year, with two-thirds in renewable energy, primarily solar and wind, according to a report released by BloombergNEF in January.
