According to Yonhap News,

Seoul raised funds, valued at over KRW 34 billion, to bolster support for the early stage enterprises involved in hydrogen economy and energy industry. The Ministry of Trade, Industry and Energy (MOTIE) announced a cash injection on Jun. 14, while running an ad to hire fund custodians to be commissioned to handle the money.

The fund, raised this time, is part of a KRW 505 billion worth of ‘Energy Business Funds’, designed to explore new business opportunities in energy industry, formed since 2016. Adding indirect sources of financing (KRW 28.9 billion) to private capital (at least KRW 5.1 billion), the hydrogen –energy funds are set to be provided in a bid to invest into small businesses or venture startup firms, bringing value to hydrogen economy, renewable energy or energy storage technologies.

An official at MOTIE said “The fund, I hope, would put up the money for building an ecosystem to further scale up the hydrogen economy.”

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Source: Yonhap News (Jun. 14 , 2020)

** This article was translated from Korean.