Buan Fuelcell Labs Selected for SME Venture Business Innovation Growth Support Project

Hydrogen Fuel Cell Company Founded in Buan Receives Total Support of 13.5 Billion Won

[Asia Economy Honam Reporting Headquarters Reporter Lee Geon-ju] Fuelcell Labs Co., Ltd., a hydrogen fuel cell startup located in Buan-gun, Jeonbuk, announced that it has been finally selected for the 2020 BIG 3 Sector Small and Medium Venture Business Innovation Growth Support Project promoted by the Ministry of SMEs and Startups.

According to the county on the 15th, this project selects capable startups and venture companies in three new industry sectors: system semiconductors, bio health, and future cars, and supports R&D, commercialization funds, policy funds, and technology guarantees to promote innovative growth and performance creation.

With this selection, Fuelcell Labs will receive a total project fund of 13.5 billion KRW over three years to accelerate the commercialization of a 30kW-class small electric vehicle hydrogen fuel cell system product.

Fuelcell Labs is a representative startup in Buan that has formed a strategic partnership for the commercialization support project of carbon composite hydrogen hybrid fuel cell drones, which the county is promoting as a key industry, and for the cluster of fuel cell specialized companies.

Kim Tae-young, CEO of Fuelcell Labs, said, “This project is more important than ever as it is connected not only to the activation of the hydrogen economy but also to the Green New Deal to overcome COVID-19.” He added, “With this support, we will start developing system technology including fuel cell components under 30kW and plan to establish a small-scale mass production line by 2023 to expand the distribution of fuel cells.”