South Korea and Masdar sign an MoU to collaborate on renewable energy research and development and joint projects

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Abu Dhabi -  Masdar – a wholly owned subsidiary of the Mubadala Development Company – and the Ministry of Knowledge Economy of the Republic of Korea have signed a memorandum of understanding (MoU) to enhance collaboration between Korea and the United Arab Emirates in the areas of renewable energy and sustainable technologies.
 
The accord was signed during an official visit to the UAE by His Excellency Lee Myung-bak, President of the Republic of Korea, that included a briefing about Masdar’s achievements in the field of renewable energy and a tour of the Masdar City construction site.

The MoU paves the way for Masdar to work closely with Korean firms and institutions in the development and advancement of renewable energy and sustainable technology solutions. Potential avenues for collaboration include joint research between the Masdar Institute of Science and Technology and Korean research and academic institutions as well as the prospective for establishment of a Korean clean tech cluster within Masdar City. In addition, the agreement opens the door for potential joint investments in wind, solar and other renewable energy projects.
 
“Korea has well established R&D capabilities in renewable energy and leading companies in the field of Green IT as well as strong government commitment to further develop these sectors. We look forward to tapping into these strengths and forming strategic partnerships with academic, research, business and investment institutions from South Korea and to seeing Korean entities become an integral part of the research and innovation that takes place in Masdar City,” explained Masdar’s CEO, Dr. Sultan Al Jaber.
 
Commenting on the agreement, Choi Kyunghwan, Korea’s Minister of Knowledge Economy, said: “Masdar is a unique initiative that is playing a significant role in the promotion and commercialization of renewable energy solutions and I am very pleased that Korean companies will have the opportunity to contribute to Masdar’s innovation base and become active players in Masdar City.”
 
The first opportunity for Korean clean tech companies to showcase their capabilities will be at the World Future Energy Summit taking place at the Abu Dhabi National Exhibition Centre from 18-21 January 2010. Now in its third year, the Summit is quickly establishing itself as the leading industry event focused on renewable energy solutions and offers a strong platform for Korean entities to present their expertise in clean and sustainable technology.
 

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