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Ulsan-si, Gyeongnam-do to create KRW 23 bln startup venture invest in Green New Deal companies

According to Yonhap News,

Ulsan City and Gyeongnam Province will create 'Smart Green New Deal Startup Venture Fund' worth KRW 23 billion to support investment in and growth of innovative companies in the local Green New Deal field.

Ulsan City held the Smart Green New Deal Startup Venture Fund Formation Ceremony at the Ulsan National Institute of Science and Technology (UNIST) on September 1.

The event was attended by Ulsan's mayor, Gyeongnam's Acting Governor, Deoksan Hi-Metal Chairman, and Korea Venture Investment Corporation CEO.

The venture fund created on this day came in a scale of KRW 23 billion, in connection with the Korea Fund of Funds of the Ministry of SMEs and Startups.

The co-investors and the amount of investment are as follows: Korea Fund of Funds KRW 8.8 billion; Ulsan City KRW 3 billion; Chairman Lee Jun-ho KRW 3 billion won; Gyeongnam Province KRW 2 billion; DSC, Dongsung Chemical, BNK Kyongnam Bank, NH Nonghyup Bank, and management company KRW 6.2 billion.

In particular, Chairman Lee of Duksan Hi-Metal, a local venture company in Ulsan, participates in the joint investment for the first time as a local mid-sized company to support the sustainable growth of innovative companies.

The fund will invest mostly in innovative companies in the Green New Deal fields such as renewable energy, carbon reduction, green mobility, and environmental protection and conservation.

In particular, about 45% of the total will be invested in companies located in Ulsan.

Ulsan City expects that this fund operation will greatly contribute to accelerating the growth of local industries, such as the creation of a hydrogen industrial city and floating offshore wind farm, and revitalization of green mobility and eco-friendly energy fields.

The city plans to create an ecosystem of virtuous circle by continuously promoting new investment to revitalize investment in innovative companies, utilizing investment recovery proceeds from existing investment funds connected with Korea Fund of Funds.

A city official said, "we expect this fund to become an oasis for local start-up and venture investment," adding "we will actively cooperate with related institutions, large companies, and mid-sized companies to improve the investment environment."

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Source:Yonhap News (September 1, 2021)

** This article was translated from Korean.