SK Inc. expands investment portfolio for sustainable food, strengthens partnership with foreign firms

9 days ago AJU Business Daily

[Courtesy of SK Inc.]SEOUL -- In an effort to expand its investment portfolio for sustainable food, a promising next-generation food sector, SK Inc., the strategic investment arm of SK Group, has invested $7 million in Wildtype, a U.S.-based producer of salmon cultivated from cells. Meatless Farm, a Dutch sustainable food company funded by SK Inc. has secured $7 million from a venture capital firm based in Seoul.Wildtype produces cultivated salmon, which stands apart from other seafood alternatives with its natural appearance, texture, and taste similar to conventional fish. The company has signed supply agreements with major food companies including Pokeworks, a U.S.-based franchise poke brand.SK Inc. said that Aju IB Investment is reviewing an additional investment in Meatless Farm in early 2023. "In preparing for the explosive growth of the green industry, SK Inc. will work towards taking the market leadership, including sustainable food. Biomass fermentation uses high-protein content and the rapid growth of microorganisms to make large amounts of protein-rich food.
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LG CNS to design smart service concept of Indonesia's new capital city

[Courtesy of LG CNS]SEOUL -- LG CNS, the information technology wing of South Korea's LG Group, will design the smart service concept of Indonesia's new capital city, Nusantara, by incorporating digital transformation technologies such as artificial intelligence, cloud, and big data.Under a memorandum of understanding signed during the B20 summit in Bali on November 14, LG CNS said it would participate in designing a smart service concept. A cabinet-level agency tasked with managing and governing Nusantara is in charge of basic design such as land use planning, traffic signal systems, and housing construction.LG CNS has conducted consulting to introduce Nusantara's intelligent transportation system and electric vehicle-oriented public transportation system. Digital Twin technology enables the creation of virtual clones of real-life objects and environments. The technology is used to test dangerous equipment or simulate disastrous situations without causing catastrophic damage to the real world.LG CNS said its participation in Indonesia would be the first case of participating a super-large smart city. "Based on our digital transformation technology and smart city business capabilities, we will make a case of exporting super-large smart city business models and leap forward as a global smart city leader," LG CNS CEO Kim Young-shub said in a statement on November 15.LG CNS will also work with Indonesian partners to push for a smart city pilot project in the Sanur area in Bali.

18 days ago AJU Business Daily
Hanwha Systems secures deal to deliver prototype of radar for dome-shaped air defense system

[Courtesy of Hanwha Systems]SEOUL -- Hanwha Systems, a key defense contractor affiliated with South Korea's Hanwha Group, has secured a deal from a state defense technology development agency to deliver the prototype of a radar for a dome-shaped air defense system that intercepts North Korea's long-range artillery shells and cruise missiles sneaking across the tightly guarded inter-Korean border.In a regulatory filing on November 15, Hanwha Systems said it has signed a contract worth 51.2 billion won ($38.8 million) with the Agency for Defense Development (ADD) to deliver a radar prototype by the end of July in 2024. Each launcher, containing 20 interceptors, is independently deployed and operated remotely via a secure wireless connection.An initial military roadmap presented by the Defense Acquisition Program Administration (DAPA), an arms procurement agency, called for the development of a LAMD system by 2029. In a report to President Yoon Suk-yeol in July, Defense Minister Lee Jong-sup came up with a renewed timetable to complete the operational deployment of a LAMD system earlier than scheduled. Most of the North's artillery equipment is positioned in concrete bunkers and tunnels.Hanwha Systems manufactures tactical communication systems, radar systems, naval combat systems, electro-optics, and fire control systems. The company has polished its skill and know-how through the localization of an advanced and sophisticated radar system for South Korea's homemade KF-21 fighter jet that made its maiden flight in July 2022.

18 days ago AJU Business Daily
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