Seoul City to Actively Foster Low-Carbon Innovative Technology Companies... Support from Demonstration to Commercialization

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[Asia Economy Reporter Lim Cheol-young] On the 5th, the Seoul Metropolitan Government announced that it will promote the 'Greenhouse Gas Reduction Innovation Technology Demonstration Support Project' in collaboration with the Seoul Institute of Technology to proactively discover low-carbon innovative technologies and support the sustainable growth of excellent companies in the field of greenhouse gas reduction.

Many small and medium-sized enterprises (SMEs) related to greenhouse gas reduction or resource circulation are often small in scale, making it difficult to actively engage in research and development due to lack of funds. Additionally, even if they possess innovative technologies, they often face difficulties in demonstration for prototype performance evaluation and reliability assessment necessary for commercialization.

To overcome these challenges of small scale and demonstration difficulties and to accelerate the marketization of innovative technologies, Seoul provides companies possessing innovative technologies with up to 150 million KRW in funding and demonstration venues. Through this, companies with innovative technologies can resolve funding shortages and gain opportunities for technology advancement and commercialization through stable demonstrations. Seoul also expects to achieve results in solving urban problems and reducing greenhouse gases through the commercialization of innovative technologies.

In 2021, Seoul promoted the ‘Resource Circulation Innovation Technology Pilot Project’ and is currently conducting technology advancement and demonstration support projects for two cases: the waste battery resource recovery project (including fire and explosion prevention treatment of auxiliary batteries and lithium-based waste batteries, and resource recovery technologies for valuable metals in discharged waste liquid and food waste).

This year, the support targets will be expanded not only in the resource circulation field but also across all carbon-neutral sectors such as buildings, transportation, and energy to support the sustainable growth of more innovative companies. Seoul provides funding and demonstration venues to resolve difficulties faced by innovative technology companies and fully supports the technology development and commercialization of companies possessing innovative technologies. Starting this year, support will be expanded beyond the existing resource circulation sector to include all carbon-neutral related sectors such as buildings, transportation, and energy, which account for 88% of Seoul’s greenhouse gas emissions, to support the technology development and commercialization of more innovative companies.

Selected technologies will undergo demonstration for one year, with interim and final evaluations and verification by specialized institutions. A certificate confirming the unique performance of the innovative technology will be issued, providing credible guarantees to help companies expand their market channels. Greenhouse gas reduction performance verification evaluations will also be conducted concurrently, and consulting will be provided to support the establishment of greenhouse gas reduction models and technology advancement.

Yoo Yeon-sik, Head of the Climate and Environment Headquarters of Seoul, said, “We expect that the innovation technology demonstration project will promote the commercialization of carbon reduction technologies and contribute to the activation of related technology development,” adding, “Seoul will take the lead in developing low-carbon technologies essential for realizing carbon neutrality.”

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