Public interest corporation Impact Investment Company Korea Social Investment (CEO Jong-ik Lee, Soon-yeol Lee) announced on the 9th that it will participate in the national carbon neutral project 'Net Zero Challenge X' to accelerate the discovery and investment in climate tech startups.
Net Zero Challenge X is a nationwide carbon neutral project conducted by the Presidential Committee on Carbon Neutrality and Green Growth 2050 (hereinafter referred to as the “CGC”). It was created to contribute to carbon neutrality and strengthen green growth by discovering startups with “innovative technologies” in the fields of greenhouse gas reduction and climate crisis adaptation and providing various benefits to help them grow into unicorn companies.
This project is being jointly promoted by the Korea Green Technology Institute, related ministries, companies, and related organizations, and a support system has been established with Tier 1, 2, and 3 organizations based on the activities of each organization. First, ‘Tier 1’ organizations are in charge of direct selection and startup commercialization support (incubation, investment, etc.), ‘Tier 2’ organizations provide additional incubation support (startup packages, space for moving in, etc.), and ‘Tier 3’ organizations are in charge of common indirect support (regulatory sandbox, public procurement, green finance, guarantees, patents, etc.).
Tier 1 institutions that directly select and support startup commercialization are largely composed of 'incubation-centered institutions' and 'investment-centered institutions', and Korea Social Investment operates as a private investment company in charge of investment. Institutions in charge of incubation include the Korea Science and Technology Commercialization Promotion Agency, the Korea Technology Finance Corporation, the Korea Credit Guarantee Fund, LG Science Park, SK Telecom, and the Korean Intellectual Property Office.
Established in 2012, Korea Social Investment is a public interest corporation and impact investment firm that provides investment, acceleration, ESG consulting, etc. to startups and social innovation organizations that solve social problems. It has strengths in investment and acceleration in the climate tech field, and has executed a total of 69.8 billion won in cumulative impact investment funds (loans, investments, grants, etc.) to date. As an investment institution for the Net Zero Challenge X, Korea Social Investment plans to select and invest in startups in the fields of carbon neutrality, green growth, and climate technology. Eligible for support are companies established within 7 years, and are companies corresponding to the Seed to Series A round.
Startups selected for the Net Zero Challenge X project by Tier 1 institutions will receive additional support from Tier 2 institutions and common indirect support from Tier 3 institutions. They will be eligible for customized support such as regulatory exceptions, public procurement, green finance, guarantees, mentoring/networking, and IP integrated solutions, and can receive various support necessary in the process of growing their business. In addition, they will receive feedback on project operation from participating institutions through a year-end performance sharing session. If you would like to apply for the Net Zero Challenge X project or for more information, please visit the Net Zero Challenge X or Korea Social Investment website.
Lee Soon-yeol, CEO of Korea Social Investment, said, “It is meaningful that Korea Social Investment is participating in a project to establish a nationwide support system for climate tech startups,” and added, “Based on Korea Social Investment’s expertise in acceleration and investment, we will do our best to discover and invest in excellent startups that will solve climate issues.”
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