[Asian Economy] Investment Agreement of KRW 150 billion with Suncheon City and LowCarbon Co., Ltd.
Suncheon City, South Jeolla Province (mayor Heo Seok), announced on the 27th that it has signed an investment agreement with LowCarbon Co., Ltd. for 150 billion won in investment and 200 new employees.
The signing ceremony was held with the presence of Suncheon City Deputy Mayor Lim Chae-young, LowCarbon CEO Lee Cheol, Jeonnam Province Vice Governor Byung-tae Yoon, and Gwangyang Bay Area Free Economic Zone Commissioner Song Sang-rak in attendance.
LowCarbon Co., Ltd. established a research firm in China in 2005 and is an environmental vaccine company with SOX reduction technology that controls oxidation of sulfur components under high temperature combustion conditions and carbon capture utilization (CCU) technology that collects and utilizes carbon dioxide.
By producing pre-treatment de-sulfur (GTS) for thermal power generation, pre-treatment de-sulfur (LCLS) for ships, and CO)electrochemical conversion catalyst (KLC), we will efficiently solve sulfuric oxide and carbon emission problems, and respond sensitively to environmental and climate change in relation to IMO 2020 and 2050 carbon neutral policies.
After signing an investment agreement with Jeollanam-do in 2017, LowCarbon Co., Ltd. has its headquarters and factory located in Gangjin-gun, and its core material research center is located in Gwangyang-si. And through this agreement, LowCarbon Co., Ltd. plans to establish a foothold for entering the global market by investing 150 billion won in new factory in Suncheon.
The city has been seeking to attract investment in Low Carbon Co., Ltd. since 2019, and has been able to achieve such results through efforts to attract businesses along with Jeollanam-do and Gwangyang Bay Area Free Economic Zone Authority.
“We will become one of the world’s leading companies in response to the climate change crisis,” said CEO Lee Chul.
Deputy Mayor Lim Chae-young said, “Low Carbon Co., Ltd., South Jeolla Province, and Suncheon City will take the lead in realizing carbon neutrality in Korea by preempting new low-carbon-based businesses together.” “We will do our best to provide administrative support for successful investment.”