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Cheongju Osong Bio-Polis signed a KRW82 bln worth of MOU with two investors to move in

According to Yonhap News,

North Chungcheong Province and Chungbuk Free Economic Zone Authority (CBFEZA) signed a KRW 82 billion worth of bilateral investment agreement on Feb 5 with two respective investors: PCM and AES Inc. over new production facilities to be located within Osong High-tech Medical Complex (Osong Bio-Polis). PCM was founded by a refrigerant maker, Puremann Inc., headquartered in Boeun, North Chungcheong Province which once has been financially backed by the US VC firms.

To scale up its production capacity, PCM spends nearly KRW 71billion on its manufacturing plant where a thin-film type cooling refrigerant will be supplied on a 27,550㎡ site over the next decade. The new factory is anticipated to add 50 more jobs.

AES Inc., a renewable energy company, will invest KRW 11 billion in the formation of a new thermal power station in which renewable energy sources (and waste heat) are converted into electricity by the end of 2026. Once the new facility starts operation, AES Inc. is likely to hire 23 new employees.

CBFEZA and the provincial authorities pledged to provide a full range of financial and administrative support to speed up the construction process.

Source Text

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Source: Yonhap News (Feb 5, 2021)

** This article was translated from Korean.