Startup Sheko, Iomtech, Root Energy, and Group Affiliates Form Joint Team to Undertake 3 Projects
[Asia Economy Reporter Yu Je-hoon] Hyundai Motor Group and the Hyundai Motor Chung Mong-Koo Foundation have selected three startups to strengthen eco-friendly social contributions. On the 30th, Hyundai Motor Group announced that it had selected three final projects for the 'H-OnDream C Program' under the H-OnDream Startup Ground project, which is jointly operated with the Chung Mong-Koo Foundation.
The H-OnDream Startup Ground is a project by Hyundai Motor Group and the Chung Mong-Koo Foundation to discover, nurture, and invest in startups aiming to solve social issues. This project is subdivided into 'H-OnDream A,' which supports market validation for startups, 'H-OnDream B,' which accelerates startup growth, and H-OnDream C.
H-OnDream C is a program that supports projects aimed at solving environmental problems in collaboration with Hyundai Motor Group. Through this program, Hyundai Motor Group and the Chung Mong-Koo Foundation select startups targeting global climate and environmental improvement and recruit teams capable of carrying out these projects across all affiliates. The goal is not only to practice eco-friendly social contributions but also to promote mutual growth with startups by actively utilizing the experience and capabilities of the affiliates.
Accordingly, from April for about three months, Hyundai Motor Group and the Chung Mong-Koo Foundation received applications from 129 startups and 70 affiliate teams. In the first round, 12 startup teams and 23 affiliate teams were selected. These first-round teams conducted matching meetings for about a month to exchange opinions, and based on these results, three projects were selected as the final target programs of H-OnDream C through the second and final evaluations.
The three projects that passed the competition with a 33:1 ratio and were finally selected are: ▲ a project to advance a factory wastewater treatment system using nanofiber technology and drone technology (Hyundai Motor PT Production 3 Team and startup Sheco), ▲ a project to install solar power generation facilities using idle land and return the profits (Hyundai Motor Securities Alternative Finance Team, Hyundai Engineering Private Development Team, and startup Root Energy), and ▲ a project to develop eco-friendly asphalt based on materials using steelmaking slag and waste plastic (Hyundai Rotem Steel Equipment Business Team and startup Eomtec).
The three startup-affiliate joint teams will first receive an execution support fund of 50 million KRW and carry out the projects for about four months, then present the project results at the final performance sharing event to be held at the end of the year. The best project will receive an additional support fund of 150 million KRW.
A Hyundai Motor Group official said, "Amid the global wave of climate change issues, we will utilize the experience and capabilities at the group level to find solutions together with startups," adding, "We will continue to pay special attention to environmental issues and strive to pursue eco-friendly values."
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