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South Korea Announces $186 Million in Renewable Energy Funding

December 12, 2008
Source: New Energy Finance

South Korea's Ministry of Knowledge Economy has announced a list of firms which will benefit from $186 million in funding for renewable energy development projects.

The companies include LG Electronics, LG Micron, Hyosung, Hyundai Motor Company, Samsung SDI, Doosan Heavy Industry, Silicon Value and S&T and funding will be shared by government and the private sector.

For the solar sector, the development of low-cost, large-size silicon thin film solar cell manufacturing technology development will be led by LG Electronics and will receive $18.1 million from the government and $11.6 million from the private sector.

Glass substrate CIGS thin layer solar cell module manufacturing technology development will be led by LG Micron and will receive $12.2 million from the government and $6.5 million from the private sector. Polysilicon manufacturing equipment development will be led by Silicon Value and will receive $7.6 million from the government and $2.8 million from the private sector over three years.

Low-cost, high-efficiency crystalline silicon solar cell manufacturing equipment development for will be led by S&T and will receive $15 million from the government and $6.1 million from the private sector.

In the wind sector, a 5MW scale off-shore wind power generation systems development will be led by Hyosung and will receive $20.5 million from the government and $13.1 million from the private sector over the next 4 years.

For fuel cell technology, development of fuel cells for use in transportation will be led by Hyundai Motor Company and will receive $10.9 million from the government and $10 million from the private sector for the next three years. Development of fuel cells for power generation will be led by Samsung SDI and Doosan Heavy Industry and will receive $14 million and $16 million, respectively from the government and $14 million and $6.5 million, respectively from the private sector for the next three years.

The funding is aimed to assist economic growth and utilise renewable and clean energy as a growth engine.