Gyeongnam Creative Economy Innovation Center Incubated Company 'Giant Chemical' Selected as One of the Top 100 Promising Green New Deal Companies

3 Billion KRW Support Over 3 Years from the Ministry of SMEs and Startups and the Ministry of Environment

Exterior view of Giant Chemical Co., Ltd. factory located in Hogye-dong, Yangsan-si, Gyeongnam. (Photo by Gyeongnam Center for Creative Economy & Innovation)

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Choi Hyun-joo] The Gyeongnam Creative Economy Innovation Center announced on the 30th that Giant Chemical Co., Ltd., a participant in the 2019 Startup Leap Package support project, was recently selected as one of the Top 100 Promising Green New Deal Companies by the Ministry of SMEs and Startups and the Ministry of Environment. The company will receive 3 billion KRW in support over the next three years.

The Changwon Leap Package, hosted by the Gyeongnam Innovation Center and the Korea Institute of Startup & Entrepreneurship Development, is a business model improvement program aimed at commercializing startups in their leap phase between 3 and 7 years.

The 'Top 100 Promising Green New Deal Companies' is a project promoted until 2022 by the Ministry of SMEs and Startups and the Ministry of Environment to strategically respond to future climate change and environmental crises, focusing on one of the three major areas of the Green New Deal: 'Establishing an Innovative Ecosystem for the Green Industry.'

Giant Chemical Co., Ltd., selected as a promising Green New Deal company, is a startup established in 2015 with the purpose of developing and domesticating 'magnesium silicate,' a functional adsorbent entirely dependent on imports.

Magnesium silicate plays a role in removing impurities from polyol, a key raw material required for polyurethane manufacturing, and is a material applicable to various business fields such as food, environment, pharmaceuticals, and cosmetics.

Center Director Lee Dong-hyung said, "If companies in their 3rd to 7th year fail to overcome the 'death valley,' the startup ecosystem cannot develop," adding, "Continuous government support is necessary for them to leap forward, and we will spare no effort to ensure a virtuous cycle in the startup ecosystem."