Cho In-cheol, Deputy Mayor for Culture and Economic Affairs, attended the signing ceremony of the Joint Energy Valley Investment Agreement between Gwangju, KEPCO and Jeonnam at KEPCO headquarters Vision Hall, where he signed agreements on R&D Research Institutions and Corporate Investment, and stood for photos. (November 18, 2019)Cho In-cheol, Deputy Mayor for Culture and Economic Affairs, attended the signing ceremony of the Joint Energy Valley Investment Agreement between Gwangju, KEPCO and Jeonnam at KEPCO headquarters Vision Hall, where he signed agreements on R&D Research Institute and Corporate Investment, and stood for photos (November 12, 2019)
Gwangju Korea’s First New Energy Industry City with Energy Convergence Complex
| 34 companies, including DMS Co., Ltd., participated...Nine have completed their investment execution on November 12
| Signed agreement to support research institutes and R&D of Energy Valley companies
The 'Energy Valley' creation project, centered on Naju Innovation City, is on track towards achieving its goal. The Energy Valley Creation Project is a key project for the Korea Electric Power Corporation (KEPCO), aiming to attract 500 companies in the new energy industry to Gwangju and Jeollanamdo by 2020 for large-scale job creation and to secure food supply for the future of the country.
Gwangju and Jeollanamdo were judged to have the best infrastructure and local conditions to lead the new national energy industry, in response to the global trend of accelerating energy and convergence of technologies between different industries.
In particular, the plan to form a wide-area complex linking Gwangju’s R&D infrastructure and Jeollanamdo’s renewable energy resources through energy-related businesses and research institutes in the “Energy Valley” was highly rated, leading to the designation of the area around the Energy Valley as the nation’s first energy-industrial convergence complex on November 6.
Gwangju Metropolitan City, Jeollanamdo, and KEPCO held the second Energy Valley Corporate Investment Agreement 2019 at KEPCO’s headquarters on November 12th.
Representatives from 34 companies and organizations participated in the signing ceremony, including Cho In-cheol, deputy mayor of Gwangju City, Kim Jong-kap, president of KEPCO, Yoon Byeong-tae, deputy governor of Jeollanamdo, Kang In-kyu, mayor of Naju, and signatory DMS Co, Ltd., plus nine companies that have already completed their investment practices, including land contracts and construction work.
The 34 companies that signed the agreement consist of five from Gwangju, 12 from Jeollanamdo, and 17 from Naju.
The agreement is expected to result in 70.2 billion won in investment and create 511 jobs. So far, 430 companies have attracted investment in the energy valley; 86% of the target of 500 companies in 2020.
On the same day, Gwangju signed the “Business Agreement to Support R&D for Energy Valley Enterprises” with the Korea Institute of Industrial Technology, the Korea Institute of Energy Research, and the Electronics and Telecommunications Research Institute and decided to work together for the growth of Energy Valley companies.
Under the agreements with research institutes such as the Korea Institute of Industrial Technology, Gwangju will support R&D in various fields including ▲ joint cooperation to create and spread the ecosystem of new energy industries, ▲ joint growth with small and medium-sized enterprises based on the Energy Valley, ▲ discovery of and cooperation for R&D tasks with industry-academic cooperation of the Energy Valley, ▲ joint utilization of R&D infrastructure and cooperation for technology development and productization, etc.
Founded in 2015, the Energy Valley is growing as the center of the domestic energy industry through the integration of energy-related R&D institutes such as the Korea Electrotechnology Research Institute, Korea Electric Power Research Institute, and the Korea Institute of Electrical, Electric Installation Testing and Research Institute, in addition to attracting small, medium-sized and large businesses in various fields.
In particular, the nation, local governments, and public institutions can designate technologically innovative energy companies as specialized companies to support research and development, commercialization, and priority purchase, according to the designation of the energy-industrial convergence complex.
In addition, designated companies can receive government support for research and development, corporate support, and the installation of various infrastructure needed to foster human resources. The complex formation plan aims to establish a ”smart convergence new energy industry hub” and includes development strategies through technological innovation, including focus industry and range, industrial and academic integration, technology development, demonstration and commercialization.
Gwangju City officials said: “The talk of the times is definitely about jobs and future food. Gwangju-type jobs, artificial intelligence, cultural content, and energy balance are all concentrated in Gwangju, and the final destination is the creation of decent jobs and future food. As the energy companies made investment and became valuable driving forces for regional development, Gwangju will assure you that investing in Gwangju will succeed.”