Startup GNT Secures Large-Scale Deal with Global Automotive Electronics Firm Prettl
Governor Kim Discusses Investment and Cooperation On-Site in Europe
Kim Taeheum, Governor of South Chungcheong Province, met with a German global automotive electronics company during his business trip to Europe to discuss large-scale export contracts for local startups and cooperation for attracting investment to Chungnam.
According to South Chungcheong Province on July 25, Governor Kim met with Billy Prettl, CEO of the Prettl Group, in Frankfurt, Germany, on July 24 (local time). They reviewed the current status of collaboration between the Chungnam-based startup GNT and Prettl, and discussed possible cooperation measures, including the potential establishment of a production line in Chungnam.
The Prettl Group is a leading German automotive electronics company and a primary vendor for Bosch. The company operates in 25 countries worldwide, employs 13,000 people, and records annual sales of approximately 2 trillion won (1.3 billion euros).
This meeting took place in the context of a large-scale export contract being secured based on the technological capabilities of the Chungnam startup GNT.
Founded in 2022, GNT manufactures eco-friendly automotive parts called "converters" and is based at the Cheonan Automotive Research Institute and the Chungnam Cheonan Green Startup Town.
Last year, GNT participated in the World Korean Business Convention with support from the province, attracted the interest of Prettl, signed an MOU, and was recognized for its technology through the supply of prototypes.
In May, GNT signed a letter of commitment (LOC) for product purchases worth approximately 460 billion won (293.7 million euros) with Prettl, establishing a foothold for entry into the global market.
During the meeting, Governor Kim stated, "The province will provide guarantees so that Chungnam startups can grow on the global stage," and added, "I hope Prettl will quickly establish a production line in Chungnam so that both sides can benefit."
He also emphasized, "Chungnam has the potential to grow as an alternative manufacturing hub in the Asian market," and said, "I hope GNT and Prettl will become a model for co-growth between Korea and Germany."
In response, CEO Billy Prettl said, "My experiences in Korea were impressive, and I aim to make the collaboration with GNT a success."
Meanwhile, since the launch of the 8th popularly elected administration, the province has dispatched a total of 24 overseas market development delegations, with 884 companies participating, resulting in export achievements worth about 658 million dollars through 380 MOUs.
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