Prospective Unicorns Also Hit by Middle East War... KOTEC Launches On-Site Inspections

Assessing the Damage and Seeking Prompt Support Measures

The Korea Technology Finance Corporation (KOTEC) announced on April 14 that it will conduct an on-site inspection by visiting Hylium Industries, located in Pyeongtaek, Gyeonggi Province, to assess the damage suffered by prospective unicorn companies struggling due to the recent Middle East war.

This visit has been arranged to directly check the extent of the damage and listen to the difficulties faced on site, as the management burden on baby and prospective unicorn companies is increasing due to rising oil prices and raw material supply disruptions caused by rapidly changing conditions in the Middle East.

Busan City Korea Technology Finance Corporation Head Office

Hylium Industries is an export-oriented small and medium-sized enterprise (SME) that designs and manufactures liquid hydrogen storage containers. The company has maintained its sales growth after being recognized for its technological capabilities and growth potential and being selected as a prospective unicorn in 2024. However, recently, heightened tensions in the Middle East have deteriorated the company’s business environment, causing delays in export contracts with the United Arab Emirates (UAE) and Saudi Arabia.

KOTEC plans to identify both direct and indirect damage experienced by baby and prospective unicorn companies due to instability in the Middle East, and will focus on devising prompt support measures, especially for companies expanding overseas, including in the Middle East.

Lee Sangchang, Executive Director of KOTEC, stated, “In a situation where management uncertainty is growing for innovative companies due to changes in the external environment, it is important to proactively respond by reflecting the voices from the field. KOTEC will carefully assess the damage through on-site inspections and actively provide support so that companies can feel the benefits firsthand.”

Meanwhile, KOTEC has strengthened its on-site response system by operating an “Emergency Response Team for the Middle East Situation” since last month and running “Damage Reporting Centers” led by each regional head office. Building on this site visit, KOTEC plans to gradually expand its inspections of baby and prospective unicorn companies in various regions and work closely with the Ministry of SMEs and Startups to support the rapid management recovery of affected companies.

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