2023-11-17 08:34:32
Mubo holds a round table to support clean energy projects with the U.S. Department of Energy
– Introduction to local financial, legal, and support systems… 1:1 business meetings between both organizations and our company
– Follow-up action on signing a business agreement last September… Expect practical support results in the future
■ On the 15th (Wednesday), Korea Trade Insurance Corporation (K-SURE) held a joint event with the U.S. Department of Energy (“DOE”) at the Crescendo Building in Jongno-gu, Seoul to support Korean companies’ clean energy projects in the United States. It was announced on the 15th (Wednesday) that a Clean Energy Finance Round Table event will be held.
○ A total of 20 organizations participated in the event, including 10 Korean companies seeking to enter the U.S. market in the clean energy field, 7 global financial institutions, and Kim & Chang Law Offices.
○ The U.S. DOE is a government agency established in 1977 for the integrated management of U.S. energy policy. It oversees overall U.S. energy policy and energy technology R&D, and provides clean energy through its Loan Program Office (“LPO”). We are operating a funding support system related to energy development.
■ At the event, both organizations introduced each organization’s financial programs to support entry into the U.S. market and conducted bespoke financial counseling with Korean companies.
○ In the morning, ▲financial programs to support entry into the US market by both organizations, ▲investment opportunities in the US energy sector (US Embassy in Korea), ▲major regulations related to investment in the US clean energy sector (Kim & Chang Law Firm), ▲ESG issues related to global finance (JP Morgan) ), a variety of information was provided that Korean companies with plans to expand into the United States can use as a reference for investing in the United States.
○ In the followingnoon, customized financial consultation was conducted on the North American project that our company is actually preparing through bilateral meetings and three-party meetings.
■ This event is part of practical cooperation in accordance with the business agreement signed between the two organizations last September to support Korean companies’ entry into the U.S. energy sector and establish a mutual cooperation system.
○ Cooperation between the two organizations began last April when K-SURE visited DOE as a member of the economic mission to the United States.
○ After the initial meeting, the two organizations agreed on joint cooperation on energy projects in the United States, information sharing, and holding a working committee for this purpose through a business agreement in September.
■ Both organizations plan to make efforts to find ways to create joint financial support results within next year among the North American investment projects of Korean companies discovered at the round table on this day.
○ In December of last year, the DOE approved a loan of approximately 3.2 trillion won (USD 2.5 billion) for the joint venture between LG Energy Solutions and General Motors (GM) in the U.S., and in June this year, the DOE provided the largest loan ever to the Department of Energy for the joint venture between SK On and Ford Motor Company of the United States. A loan of approximately 11.8 trillion won (USD 9.2 billion) has been conditionally approved.
■ Robert Marcum, Deputy Director of DOE’s Loan Program Office (LPO), who attended the day, said, “K-SURE is a valuable partner with DOE LPO in expanding clean energy, diversifying supply chains, and responding to the climate crisis.”
○ “So far, LPO has supported several projects through strategic partnerships with Korean companies, and we will do our best to cooperate with K-SURE and the Korean energy industry to achieve successful results in the future.”
■ Lee In-ho, President of Korea Trade Insurance Corporation, said of the successful roundtable held on this day, “I am very happy that the business agreement signed between the two organizations last September has led to practical cooperation like today.”
○ He added, “I hope that exchanges between the two organizations will continue to expand to develop the clean energy sector and expand exports in both countries.”
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