JEOLLABUK-DO < invest Korea

According to Yonhap News,

HNnovatech, a high-tech food technology company, is to invest KRW 10 billion in the national food cluster in Iksan, Jeonbuk State.

Iksan-si and HNnovatech signed an agreement at City Hall on March 14, in which the company will invest KRW 10 billion in the site of the national food cluster 2nd stage project, building research and production facilities.

It also plans to hire 20 new employees.

The company, selected by the Ministry of Agriculture, Food and Rural Affairs as the 55th of 'A-Ventures', an outstanding enterprise in the agricultureal sector, is a startup that has developed alternative meat materials from seaweed.

It has been in the limelight for its development of ACOM-S (algae-based amino acid complex) that makes meat tastes from kelp and sea mustard.

CEO of HNnovatech said, "the creation of the 2nd stage of the national food cluster seems to be fitting the direction our company is pursuing," adding that "Various support measures Iksan-si offers are also very attractive."

Iksan's mayor said, "we are glad that the company which will lead the Korean food industry is taking on a new challenge,: adding that "we will go ahead with the 2nd stage of the national food cluster successfully and support companies so that they can enter the global market."

jaya@yna.co.kr

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Source: Yonhap News (March 14, 2024)