JEJU-DO < invest Korea

State-run Korea Electric Power Corp. (KEPCO) opened “Bitgaram Creative Economy Innovation Center” in its new headquarters home in Naju, South Jeolla Province, about 285 kilometers southwest of Seoul, as a hotbed for energy-related venture and jobs.

The state utility firm and the Ministry of Science, ICT and Future Planning (MSIP) had an opening ceremony of the center with guests of more than 100 including prime minister and acting president Hwang Kyo-ahn, Joo Hyung-hwan, minister of Trade, Industry and Energy and KEPCO chief executive Cho Hwan-eik.

The center is the nation’s 19th center for creative economy & innovation, and the second one to be operated independently by a private company. Steelmaker Posco runs similar-themed Pohang Creative Economy Innovation Center since 2014.

The center, which will be set up on the second floor of I-PLEX in Gwangju-Jeonnam Innovation City, about 300 meters away from KEPCO’s headquarters, comprises space for startups, meeting rooms and labs.

KEPCO will invest 20 billion won ($17.4 million) to incubate 300 startups in the energy sector over the next five years. It will launch a program called “K-Energy Startup Development Program” to support startups from research & development stage to overseas venture.

The state-run utility firm will open its data and infrastructure to small- and medium-sized enterprises and venture firms in the energy sector and support them through a growth fund.

By Ko Jae-man

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Source: Pulse by Maeil Business News Korea (Feb. 8, 2017)