On October 22, the Korea Institute of Ocean Science and Technology (KIOST: Kim Woong-seo, president) announced that an agreement ceremony to launch the Local Revitalization Project had been held with six companies selected to participate.

Funded by the Ministry of Industry, Trade and Energy and Ulsan Metropolitan Government, the Local Revitalization Project aims to gather the capabilities of seven collaborators* around the theme of a rechargeable seawater battery to lend support for small and medium-sized enterprises (SMEs) in Ulsan that require assistance with technology development. These collaborators will assist with business restructuring and capacity building of the manufacturing industry in line with Fourth Industrial Revolution trends？an industry that is struggling amidst the COVID-19 pandemic and marine environmental regulations. The project runs until April 2022.
* Korea Institute of Ocean Science and Technology (KIOST), Ulsan National Institute of Science and Technology (UNIST), Ulsan ICT Promotion Agency (UIPA), Korea Marine Equipment Research Institute (KOMERI), Korea Marine Equipment Association (KOMEA), Korea Testing & Research Institute (KTR), Korea East-West Power

KIOST selected six SMEs* through an open contest, on the following themes: (i) small smart marine expedition devices; (ii) multi-function marine devices for position signaling; and (iii) small marine devices for transport. The companies will receive assistance from KIOST in creating and validating smart marine device prototypes using rechargeable seawater batteries, including a maritime buoyage system, and in developing technology for leisure boats and auxiliary power systems.
  * Deokyang Eco Co. Ltd., K Labs, Woori Marine Co. Ltd., Gateways, Pureun Tech Co. Ltd., Dongsung Industry Machine Co. Ltd. 

 
In particular, these selected companies will be involved in the technology development phase of the project, unlike the existing practice of technology being transferred to private businesses after research and development. If companies can participate in the development phase for technology they require through collaboration between research institutions and the private sector, it is more likely that the outcomes can be immediately commercialized. So far, KIOST has promoted technology commercialization by transferring rechargeable marine battery technology to the private sector, ensuring that research results do not remain stuck in research laboratories for extended periods of time.

Kim Woong-seo, KIOST president: “This project is significant in that it builds on the cooperation of multiple public institutions towards revitalization of the manufacturing sector and innovation of business.” He added, “Going forward, KIOST will facilitate the dissemination of technologies through a collaborative network constructed with local communities."