In an unprecedented move, Governor Kim Yung-Rok of South Korea's Jeollanam-do Province travelled to the United States to sign a formal $35 billion agreement with Fir Hills Inc. (FH) part of Stock Farm Road, Inc. (SFR) for the construction of the world's largest AI data center at a ceremony in California.
This signing, of the Memorandum of Agreement (MOA) represents huge progress on the previous memorandum of understanding (MOU) signed by SFR only a short time ago and , establishes the basis of a landmark public-private partnership in Korea and for the world between SFR's subsidiary Fir Hills Inc., the Jeollanam-do Provincial Government, the Municipality and the landowner. The agreement binds all parties to move forward with the project's implementation.
Governor Kim Yung-Rok's trip to the United States for the signing ceremony marks an unusual level of gubernatorial involvement encouraging international businesses to invest and establish themselves in his province, highlighting the significance to South Korea's technological advancement.
Partnership with Stanford University
Concurrent with the data center agreement, SFR announced a partnership with faculty and researchers at Stanford University, including the university’s research center in Korea. This partnership, led by Stanford Professor Michael Lepech whose work in Korea has formed the foundation of research into the future of smart cities will focus on research at the intersection of energy, technology, and regulatory innovation. Prof. Lepech is faculty director of the Stanford Center for Sustainable Development and Global Competitiveness and the Stanford Technology Ventures Program, researching advanced computing technologies, sustainability challenges and entrepreneurial ventures. Signatories to the agreement are Stanford University faculty, Governor Kim Yung-Rok on behalf of the province, KENTECH and SFR.
SFR has also partnered with KENTECH University, a new institution in Naju, South Korea, dedicated to innovation, energy research and technology. Established in 2021, KENTECH aims to become a leading global research institution for future energy solutions, planning to enrol 1,000 students and 100 faculty by 2025.
Advisory board, ‘Brain trust’
Further strengthening its strategic position, SFR announces John Hennessy, former Stanford University president and current Alphabet Inc. chairman, and Neelie Kroes, former Vice President of the European Commission and EU Commissioner, amongst others will be joining its advisory brain trust . Their expertise in technology, education, and regulatory affairs will guide SFR's initiatives.
Hennessy, a pioneer in computer architecture, has been at the forefront of Silicon Valley innovation for decades and played a key role in Google's development. Kroes, known for her "Digital Agenda for Europe," has been instrumental in shaping EU digital policy and has extensive experience in competition law and market regulation.
Dr. Amin Badr-El-Din, Co-founder of SFR, said, “ The signing of this agreement is not just about the AI data centre Supercluster hub but about leadership. The Governor, and all the stakeholders he has assembled, focus to work with us to make the region one of the most welcoming in the world, has enabled our joint commitment to be the most globally competitive.”
Brian Koo, Co-founder of SFR, added, “We've brought together an incredible team of advisors and partners. With minds like John Hennessy and Neelie Kroes on board and others to be announced together with our collaborations with Stanford and KENTECH, we're set to make breakthroughs in data center technology and energy solutions.”
Governor Kim Yung-Rok of Jeollanam-do Province stated, “This project is not just about economic growth; it's about positioning Jeollanam-do as a global leader in innovation and creating a brighter future for our citizens.”
The project represents a total investment of $35 billion. The facility will have a capacity of 3GW and is expected to create 10,000 new jobs in Jeollanam-do Province, South Korea. Construction is set to begin in winter 2025.
