Fund for New Electric Powers
The Ministry of Trade, Industry & Energy and the Korea Electric Power Corporation (KEPCO) held a conference in Seoul on May 19 and announced that they would raise a fund of two trillion won with financial and private companies to promote the new electric powers.
The KEPCO is planning to make use of the fund in developing technologies in the fields including electric vehicle, energy storage system, solar cell, biomass, battery weight reduction and the Internet of Things (IoT).
Half of the amount is to be raised by the KEPCO by the end of October this month before the amount is doubled next year based on the participation of such companies in the financial and private sectors. The fund is expected to take the form of a master-feeder fund.
At the same time, the KEPCO is planning on agent investment in ideas and techniques, venture capital investment in promising firms, M&A investment and overseas project investment with the fund. The investment is planned to be divided into those in convergence technology such as the IoT and battery weight reduction, R&D for carbon utilization and the like, and startup promotion in energy management system, smart metering, biomass, etc.