On June 11, the city of Cheonan, Chungnam Province, announced that C-STAR company GNT has signed a distribution rights contract worth 460 billion KRW with the German automotive electronics company PRETTL Group for electric vehicle converters.
C-STAR is a term that combines the "C" from Cheonan and "STAR" from startup. As part of this initiative, GNT signed a memorandum of understanding for investment with PRETTL Group at the World Korean Business Convention held in Vienna, Austria, in October of last year.
Subsequently, GNT proceeded with technology verification tests, a non-disclosure agreement, and a performance commitment letter, ultimately leading to the signing of this distribution rights contract.
On this day, PRETTL Group Chairman Rolf G?nter Prettl personally visited Cheonan to review the progress of the final business arrangements and discussed additional orders as well as joint initiatives related to electric vehicles.
Chairman Prettl also met with Acting Mayor Kim Seokpil, expressing interest in startups related to mobility and energy, and conveyed his willingness to cooperate on expanding joint projects with potential for international collaboration.
Son Ilsu, CEO of GNT, stated, "It has been less than two years since our establishment, but thanks to the city's support for global expansion, we were able to take our first step," adding, "We ask for continued support and interest so that startups can continue to grow."
Meanwhile, the city is supporting technology commercialization and R&D, global expansion, promotional marketing, and employment environment through the Green Startup Town operated by the Chungnam Content Agency.
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