Busan is good

Busan Metropolitan City Selects Winners of the 7th Busan Science and Technology Innovation Awards… Supporting the Growth of Regional Innovative Companies

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Busan Metropolitan City, led by Acting Mayor Kim Kyung-duk, announced that it has finalized the selection of DongHwa Entec Co., Ltd. and Eogiya Factory Co., Ltd. as the winners of the “7th Busan Science and Technology Innovation Awards,” which recognize and reward companies and researchers driving innovative growth in regional industries through independent technology development and commercialization achievements.

Hosted by Busan Metropolitan City and organized by the Busan Institute of Science and Technology Promotion (BISTEP), the Busan Science and Technology Innovation Awards have been held annually since 2020 to identify and honor outstanding Busan-based companies that contribute to regional economic growth through the successful commercialization of technological development achievements.

In particular, this year the award system was reorganized to focus on companies in order to strengthen practical support for research and development and commercialization among regional innovative companies. The scale of R&D support grants was also significantly expanded to KRW 70 million for the Grand Prize and KRW 40 million for the Excellence Award.

In addition, the city focused on establishing a sustainable growth foundation for regional innovative companies by strengthening follow-up support measures such as performance sharing and networking opportunities.

The Grand Prize of this year’s Innovation Awards was presented to DongHwa Entec Co., Ltd. in recognition of its contributions to the localization of eco-friendly energy equipment and the revitalization of the regional economy.

The company was recognized for securing global competitiveness in the related field by realizing the miniaturization and optimization of energy equipment through the localization of PCHE Type heat exchanger technology.

A PCHE Type heat exchanger is a highly integrated monolithic heat exchanger that ensures safety under high-pressure and high-temperature conditions through microchannel and diffusion bonding technologies.

The Excellence Award was presented to Eogiya Factory Co., Ltd. for its achievements in establishing an AI-powered logistics system in the maritime and fisheries sector.

Eogiya Factory Co., Ltd. received high evaluations for the applicability of its technology in connection with Busan’s logistics hub strategy and for its growth potential to contribute to regional economic development.

The evaluation process began with a public announcement in February and proceeded through multiple stages, including a first-round document review and a second-round interview and on-site evaluation.

An evaluation committee composed of experts from universities, companies, and research institutions comprehensively assessed technological excellence (40 points), business feasibility (30 points), and ripple effects on regional industries (30 points) to select the final winning companies.

The awards ceremony is scheduled to take place at the opening ceremony of the “12th Busan R&D Week” this September, where the winning companies will receive commendations from the Mayor of Busan Metropolitan City along with R&D support grants.

The Grand Prize-winning company will receive KRW 70 million in R&D support funding, while the Excellence Award-winning company will receive KRW 40 million.

Kim Dong-hyun, Director General of the Future Technology Strategy Bureau, stated, “Through this year’s Science and Technology Innovation Awards, we were once again able to confirm the outstanding technological capabilities possessed by regional companies.” He added, “We will continue to provide active support and pursue policy efforts so that companies with innovative technologies can continue to grow in Busan and further lead the global market.”