On March 25th, Changwon City signed an MOU with the Elven System, a manufacturer of hydrogen fuel cell components, for a total investment of KRW 28.2 billion (~$23.4 M USD).
Elf System, located in Seongsan-gu, Changwon-si, is a specialized manufacturer of hydrogen fuel cell components, laser welding automation equipment, and servo presses, and is expected to complete by 2023 and by investing 28.2 billion won a manufacturing facility for hydrogen fuel cell parts in Seongsan-gu.
According to the investment plan of Elf Systems Ltd., the city will provide financial and administrative support to facilitate the progress of the investment that Elf Systems will make, such as the location of factories for producing hydrogen fuel cell parts and resolving any corporate difficulties.
Mayor Hur Seong-moo said, “Changwon City is planning to make a strategic leap forward for the economic leap forward with the goal of attracting 2 trillion won in business investment and 4,000 jobs this year. He said, “I expect that the bold investment decision of Elf Systems, which has developed a long history of know-how and technology in the field of hydrogen fuel cell parts in the midst of the Corona 19 crisis, will be a sign that Changwon City will become a center for the hydrogen economy.”