South Korea's 'Hydrogen Technology' All Out... Ulsan Free Economic Zone Authority Holds First Contest 'K-Hydrogen New Technology Grand Challenge'

Ulsan Large Corporations and Public Institutions Participate as Partners

Discovering Startups and Small Venture Companies in the Hydrogen Sector

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] The Ulsan Free Economic Zone Authority is hosting the country's first 'Hydrogen Technology Contest.'

This is an innovative project to discover startups and small and venture companies that will lead Ulsan's hydrogen economy.

The Ulsan Creative Economy Innovation Center is organizing the contest, with sponsorship from the Hydrogen Convergence Alliance.

The 'K-H2 New Technology Grand Challenge (1st term)' contest, held from the 12th to August 31, is a specialized investment attraction strategy unique to the Ulsan Free Economic Zone Authority, designed to attract hydrogen technologies and companies.

The platform for discovering and nurturing hydrogen technologies and companies is called the 'Hydrogen Technology Win-Win Open Platform.'

The core of this contest is that large corporations and public institutions in Ulsan, leading the global hydrogen economy, participate as partners to jointly discover and directly evaluate startups and small and venture companies possessing technology.

Additionally, demand technologies that can be commercialized will support the innovative growth of hydrogen companies through infrastructure sharing, on-site application, and investment by partner companies.

Recent trends in the hydrogen industry show that major domestic companies are making large-scale investments such as business agreements, mergers and acquisitions, and joint venture establishments with domestic and foreign companies possessing core hydrogen industry technologies to become global leaders in the hydrogen field.

Accordingly, large corporations and public institutions in Ulsan are paying close attention to this contest aimed at discovering startups and small and venture companies with advanced hydrogen technologies.

The contest fields cover new technologies across the entire hydrogen industry cycle (production, transportation, storage, utilization), and any seed companies and small and venture companies can apply.

Teams selected through evaluation after the contest will receive up to 5 million KRW per company as prize money for commercialization.

Additionally, public infrastructure within the Ulsan Free Economic Zone will be provided, along with systematic accelerating programs including education necessary for company operations.

In particular, opportunities for business cooperation with partner companies for company growth (scale-up) will be offered, and support will be linked with a fund worth approximately 160 billion KRW.

Details and applications for the 1st term of the Hydrogen New Technology Grand Challenge can be found on the Ulsan Center website or the U-STAR website.

An official from the Ulsan Free Economic Zone Authority stated, “We will do our utmost to discover new technologies across the entire hydrogen industry cycle and support company growth, while using this as a stepping stone to attract hydrogen companies so that Ulsan’s hydrogen economy can continue to grow and become a Northeast Asia energy hub city through the hydrogen flagship.”