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Published on : Jan 27, 2015

Hyundai Motor Group on Tuesday announced that it will be launching a fund worth US$163.9 million in order to aid business ventures and the development of innovative technologies with regard to automobiles and hydrogen fuel cells. With ownership of two of South Korea’s largest car manufacturers – Kia Motors Corp. and Hyundai Motor Co., Hyundai Motor Group said that of the 177.5 billion won in the fund, 52.5 billion will be dedicated towards supporting development of innovative technologies and aiding automobile-related startups. An additional 15 billion won will be dedicated to nurturing the hydrogen fuel cells industry.

Apart from this, approximately 100 billion won will be spent towards supporting small as well as medium sized companies in their innovative activities. This move, the company hopes, will boost them to introduce information and communication technology (ICT ) into their line of production.

The fund will be run and launched by a jointly opened centre. The local government, together with Hyundai Motor Group, will establish the center in Gwangju, approximately 330 kilometers south of Seoul. Other forces that will be joining in to raise money for the fund include financial investors and central and local governments.

The center will consist of two key departments: one will be leading projects to help improve the earnings and livelihood of the common man. The other section will deal with providing aid for businesses dealing in automobile-related hydrogen fuel cells with the help of local research institutes. 

Hyundai Motor Group also emphasized on the significance of the hydrogen fuel cell business, stating that the center will provide infrastructure for the startups and create an ecosystem by training workers and reinforcing required networks. 

South Korea-based automaker has decided to set up a database containing information on patents, technologies, market trends, and standards.