Last week, the Memorandum of Understanding (MoU) was officially signed between the Korea New Renewable Energy Association and Enterprise Estonia at the Estonian Business Hub in Seoul. This significant agreement aims to strengthen collaboration in the green energy sector.

The partnership reaffirms commitment to accelerating breakthroughs in green technologies and fostering sustainable growth in both Estonia and South Korea. By joining forces and combining expertise and resources, the two nations aspire to charge innovation and provide Estonian companies with greater opportunities to expand their operations into larger markets, including South Korea.

Simultaneously, this collaboration opens doors for South Korean companies to invest in Estonia. Notably, this MoU follows the remarkable success story of Korea Shipbuilding & Offshore Engineering, a member of HD Hyundai Group, which made a substantial €45 million investment in Elcogen’s Solid Oxide technology. This investment aims to deepen collaboration in emission-free power generation systems and green hydrogen production. It showcases the potential for impactful cooperation between Estonia and Korea in advancing green technologies.

With Estonia’s ambitious goal to go carbon neutral by 2030, innovation and technology are pivotal in achieving this milestone. Estonia’s tech-savvy approach and swift adoption of new technologies position Estonia as a leader in the green energy transition. This MoU solidifies Estonia’s dedication to driving positive change and creating a greener, more sustainable future for future generations.

The collaboration between South Korea and Estonia spans various fields, driven by a mutual focus on innovation and growth. This partnership is evident in frequent business visits between the countries, reflecting a strong interest in working together.

Estonia’s collaborative spirit makes the country an ideal partner for testing new ideas and driving innovation across sectors, including clean tech and renewable energy. Estonia´s value chain approach ensures comprehensive solutions, from green hydrogen production to energy storage and distribution.

Six Estonian energy sector companies, ElectroAir, Fusebox, H2Electro, Insta Globe Engineering, Stargate Hydrogen, and UP Catalyst, were participating in this trade mission, organised by Enterprise Estonia and the Ministry of Foreign Affairs, in collaboration with the Estonian Chamber of Commerce and Industry.

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