KAIST and Shinhan Macquarie Financial Advisory Co. have reached an agreement for cooperation in the development and commercialization of the KAIST-led two national green growth projects, On-line Electric Vehicle (OLEV) and Mobile Harbor (MH) programs, university authorities said.
KAIST President Nam-Pyo Suh signed a memorandum of understanding with John Walker, Chairman of Macquarie Group of Companies in Korea, and Woo-Gon Hwang, Representative Director of Shinhan Macquarie Financial Advisory Co. on Wednesday, Oct. 21.
Under the agreement, KAIST and Macquarie will cooperate in developing an optimal business structure for a rapid commercialization of OLEV and MH. Specifically, Shinhan Macquarie Financial Advisory will provide financial advice, including basis financial analysis, potential investor inducement and feasibility analysis of the projects.
Shinhan Macquarie Financial Advisory Co. is a joint venture between Shinhan Financial Group of Korea and the Australia-based Macquarie Bank Group which provides global investment banking and diversified financial services.
KAIST"s OLEV is a project to develop a new growth engine for Korea and lead the future of global automotive industry. It is an entirely new concept: the electric vehicle picks up power from underground power supplier lines, while either running or standing, through the non-contact magnetic charging method.
The MH program is designed to develop a system that can load/unload containers from a containership in the open sea and deliver them to their destinations at the harbor.
The Korean government has included these KAIST projects, which both are great technical and engineering challenges, in the nation"s sustainable growth programs, providing substantial research grants. KAIST offers its advanced research capabilities for the nation"s efforts to achieve efficient, environment-friendly utilization of resources as new growth engines that spur the development of related industries and explore global markets.
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