GWANGJU < invest Korea

(GWANGJU = Newsis) The city of Gwangju announced that it will export USD one billion worth of deep sea excavation technology to nine nations.

According to an announcement by the city on January 21, it will hold an international symposium, export agreement signing ceremony and trial performance at Kimdaejung Convention Center on January 22 with globally known scholars including David D. Black, professor of Southern Methodist University, and business leaders.

Gwangju used its excavation technology and successfully measured the temperature of under-seabed of 98℃ by drilling 3,502m in last August, and the technology was recognized around the world.

Professor Blackwell, a living witness of the development of the deep geothermal energy of the United States, will give a lecture about the future of deep geothermal technology and demonstrate the excellence of Gwangju’s technology and suggest its applications.

Gwangju will also sign investment agreements with several companies around the world including American and Australian companies, a German university as well as KITECH on the same day.

AltaRock Energy will invest a total of KRW 82 billion to build a 3.5MW deep geothermal plant in Gwangju. The company is carrying out a business project to redistribute its profits gained by Google’s IT business projects.

Nine companies from nine nations including Australian company ATM will sign export agreements to purchase drills from Hanjin D&B.

Gwangju is expected to record KRW 1.08 billion in export for the next four years.

The agreement will be signed by the companies from Finland, Australia, Sweden and Russia.

The mayor of Gwangju said that the city will continue its technological and administrative supports to further strengthen the competitiveness of Gwangju’s deep geothermal technology.

kykoo1@newsis.com

Source Text

Source: Newsis (Jan. 22, 2014)

** This article was translated from the Korean.