Ulsan Free Economic Zone Authority Holds 'Win-Win Investment Foundation Contest Award Ceremony for Large, Medium, and Small Enterprises'

Selection of 9 Promising SMEs and Venture Companies in Core Strategic Industries

Providing Commercialization Funding Support and Opportunities for Collaboration with Local Large Corporations

Ulsan Free Economic Zone Authority.

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] The Ulsan Free Economic Zone Authority will hold the ‘2022 UFEZ Large, Medium, and Small Business Win-Win Investment Platform Contest Awards Ceremony’ at 2 p.m. on the 12th at the Maru Zone of the Ulsan Creative Economy Innovation Center.

About 30 people will attend the event, including Cho Young-shin, head of the Ulsan Free Economic Zone Authority, Kim Jae-hoon, director of the Ulsan Creative Economy Innovation Center, domestic startups in key strategic industries, representatives of companies selected in the contest, and officials from local large corporations and public institutions.

The awards ceremony will proceed with a business progress report, awarding of certificates, business technology presentations by three companies that received the grand prize and excellence awards, a presentation on business participation impressions by Yoon Soo-han, CEO of E-FLOW, selected last year, and case presentations on the growth direction of startups.

The ‘2022 UFEZ Large, Medium, and Small Business Win-Win Investment Platform Project’ contest selected a total of nine companies through document evaluation, technical verification, and presentation evaluation from 40 companies that applied from May 16 to August 11.

Among them, ▲the grand prize went to Plana, which has hybrid vertical takeoff and landing technology, ▲the excellence awards went to DEEP-AI and Chemipolio, and ▲the merit awards went to The Carbon Studio, W&F, InnoPlasTech, Nextirials, High Tech Energy, and Care, respectively.

The selected companies will receive various benefits such as the Ulsan Mayor’s Award and prize money (up to 20 million KRW per company), relocation funds to Ulsan (up to 10 million KRW per company), participation in exhibitions and investor networking, and consulting and mentoring support from local large corporations and public institutions.

Cho Young-shin, head of the Ulsan Free Economic Zone Authority, said, “I am pleased that many promising companies with excellent technologies based on innovative ideas were selected in this contest as well as last year,” adding, “This will strengthen Ulsan’s industrial structure and serve as an opportunity for young people dreaming of startups to pay attention to Ulsan.”

The ‘2022 UFEZ Large, Medium, and Small Business Win-Win Investment Platform Project’ started last year to discover promising companies in key strategic industries of the Ulsan Free Economic Zone (hydrogen and low-carbon energy, future mobility, future chemical new materials) by local large corporations collaborating with public institutions and to attract them to Ulsan.

Participating companies and institutions include Hyundai Motor Company, Hyundai Mobis, Hyundai Oilbank, Hyosung Heavy Industries, Lotte Chemical, Samsung SDI, SK Gas, S-Oil, Korea East-West Power, Korea Technology Finance Corporation, Korea Trade-Investment Promotion Agency, Small and Medium Business Corporation, and Korea Institute of Energy Research.

In the first year of the project, 2021, a total of eight companies were selected.

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