Ministry of Climate, Energy and Environment announces Hanjeon Gisul Jiju launch

The Ministry of Climate, Energy and Environment said that Hanjeon Gisul Jiju would launch as an energy-technology commercialization unit to turn public technologies into businesses and foster high-growth startups.

The government had identified the subsidiary's establishment in its April energy-transition plan as a task to create a hub for energy-venture startups and unicorn growth. The ministry said its minister, Kim Seong-hwan, would attend an Aug. 7 launch ceremony at Hanguk Jeollyeok Gongsa's headquarters in Naju to formally declare the unit's launch and share its vision for technology commercialization and innovative-company development.

Wholly owned by Hanguk Jeollyeok Gongsa, Hanjeon Gisul Jiju will link its parent's more than 8,000 patents and public-sector technologies with prospective founders and energy innovators through technology transfers, equity investments and joint ventures. It will make direct investments, create a scale-up fund for growing businesses and support demonstration projects using its parent's infrastructure and data, follow-on financing, domestic market access and joint overseas expansion.

Kim said Hanjeon Gisul Jiju "should become a growth platform that links technology accumulated by the public sector to the market and develops companies' ideas into new industries." He said he hoped it would "provide a solid foundation" for domestic energy unicorns to grow and for South Korea to lead global energy and green industries.

Seven South Korean solar-inverter manufacturers will sign an agreement with Hanguk Jeollyeok Gongsa to strengthen domestic production as renewable-energy deployment expands. LS Electric, Hyosung Heavy Industries and HD Hyundai Electric will sign a separate agreement with it to build a direct-current industry hub in Naju and cooperate on research and development, company investment, demonstrations and commercialization. Hanjeon Gisul Jiju, Hanguk Jeollyeok Gongsa and 10 investment institutions will form an alliance to identify promising energy technologies and companies for co-investment.