Busan City-Supported 'Mytec' Begins Development of Core Technology for LNG Fuel Supply System

Busan Company Mytec Selected in Ministry of Science and ICT Public Contest

Aiming for Korea's First Commercialization of LNG Fuel Supply System

Busan City announced that the Busan-based company ‘Mytec’ has been finally selected in the Ministry of Science and ICT’s ‘Super-wide Area Research and Development Special Zone Linked Cooperation Technology Commercialization (R&BD) Support Project’ competition targeting companies in research and development special zones.

The Ministry of Science and ICT’s ‘Super-wide Area Research and Development Special Zone Linked Cooperation Technology Commercialization (R&BD) Support Project’ is a new initiative under the ‘2023 Research and Development Special Zone Promotion (R&D) Project.’ It is a comprehensive support program designed to create innovative business ventures through cooperation between R&D special zones by supporting research and development (R&D), prototype production, testing/certification, as well as successful follow-up commercialization activities such as promotion, marketing, market development, and investment attraction.

Overview of Research and Development, Roles by Institution.

An official from the city stated that this project was planned and proposed to the Ministry of Science and ICT to foster specialized technology convergence and create super-wide area new industries through cooperation between R&D special zones, and it was launched as a new project this year.

Mytec, located in Mieum-dong, Gangseo-gu, is a representative local small and medium-sized enterprise selected as a ‘Global Small Giant Company’ (2019) and ‘Regional Innovation Leading Company’ (2022) by the Ministry of SMEs and Startups. With this selection, a total of 2.9 billion KRW will be invested over three years until 2025, including 1.65 billion KRW in national funds, 850 million KRW in city funds, and 350 million KRW in private capital.

The specific project involves developing a liquefied natural gas (LNG) fuel supply system applying a rotary (Volution Type) heat exchanger, which offers high thermal efficiency and excellent space utilization.

The project incorporates design technology with proven reliability through thermal-fluid and structural analysis, as well as vibration analysis, conducted by specialized institutions located in the Busan Special Zone and Jinju Small Giant Special Zone.

Additionally, by jointly researching and developing with specialized institutions possessing process analysis and convergence information technology (IT) located in the Daedeok Special Zone, the ultimate goal is to commercialize domestically for the first time a product currently monopolized by foreign manufacturers.

Mytec is also striving to secure demand for the commercialized products and technologies through cooperative relationships with shipbuilding and engineering companies such as Hyundai Heavy Industries, Korea Shipbuilding & Offshore Engineering, and Hanwha Ocean.

Lee Kyung-deok, Director of the Future Industry Bureau, said, “Through this project, we expect to domesticize the liquefied natural gas (LNG) supply system technology currently monopolized overseas, thereby advancing the region’s core industries and enabling our technology to compete globally.” He added, “The city will spare no effort to support and cooperate with participating organizations to ensure the successful development of this core technology.”

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