Dec 28 2009 |
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South Korea and Masdar sign an MoU to collaborate on renewable energy research and development and joint projects
Abu Dhabi, 28 December 2009: 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.
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."
-Ends-
About Masdar
Masdar
is Abu Dhabi's multi-faceted initiative advancing the development, commercialisation and deployment of renewable and alternative energy technologies and solutions.
Masdar
is driven by the Abu Dhabi Future Energy Company (ADFEC), a wholly owned company of the government of Abu Dhabi through the Mubadala Development Company.
For more information about the Masdar Initiative, please visit www.masdaruae.com.
For further information, please contact:
Kahthryn Ogilvie
Hill & Knowlton - Consultant
Email: Kathryn.ogilvie@hillandknowlton.com
Phone: (050) 708 - 6352
Mariam Emneina
Hill & Knowlton - Account Executive
Email: Mariam.emneina@hillandknowlton.com
Phone: (050) 711 - 6636
© Press Release 2009
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