Government to Foster 5,000 'Energy Innovation Companies' by 2030

R&D Budget for Six Major New Energy Industries to Reach 168.9 Billion KRW Next Year

[Sejong=Asia Economy Reporter Kwon Haeyoung] The government plans to nurture 5,000 'Energy Innovation Companies,' which are small and medium-sized enterprises providing new products and services in new energy industries such as renewable energy, energy efficiency, and power demand management by 2030.

The Ministry of Trade, Industry and Energy announced this plan on the 30th at the '3rd Energy Innovation Companies Solidarity and Cooperation Forum' held at the Federation of Korean Industries building in Yeouido, Seoul.

They will increase the research and development (R&D) budget invested in six major new energy industry sectors?▲solar power operation and management (O&M), ▲virtual power plants (VPP), ▲wind power support services, ▲electric vehicle battery-related services, ▲new energy industry materials, parts, and equipment, and ▲building energy management systems (BEMS)?from 153.8 billion won this year to 168.9 billion won next year.

Additionally, the 'New Energy Industry Creation and Nurturing Plan' for the carbon-neutral era will be finalized in the first half of next year, and the number of energy innovation companies, currently 2,500, will be expanded to 5,000 by 2030.

Park Ki-young, the 2nd Vice Minister of the Ministry of Trade, Industry and Energy, emphasized, "Energy innovation companies are the key players in advancing the carbon-neutral era," adding, "We will focus policy capabilities on supporting the creation of new energy markets and industries and expand support for small and medium-sized enterprises in the energy sector."

At the forum, a launching ceremony was held for the establishment of the 'Korea Energy Small Innovation Companies Association' (tentative name) promotion council, attended by representatives of 27 energy innovation companies. The Korea Energy Small Innovation Companies Association will play a role in strengthening solidarity and cooperation among energy innovation companies to implement carbon neutrality and build a new energy industry ecosystem.

The forum also featured keynote presentations on energy technology and new energy industries in the carbon-neutral era, along with case presentations from companies. An investment attraction briefing session was held with participation from 23 investment institutions and 8 energy innovation companies.

This content was produced with the assistance of AI translation services.