January 21 (Renewables Now) - The South Korean government will invest KRW 916.3 billion (USD 789.6m/EUR 712.4m) in energy-related research and development (R&D) projects this year.
From the total planed investment, which is 19% higher than last year's, roughly KRW 20 billion will be spent on acquiring technologies for solar and wind parks, Yonhap news agency reported on Monday, quoting the Ministry of Trade, Industry and Energy.
A further KRW 43.1 billion will be allocated to the development of technologies to promote hydrogen-related policies. Last but not least, the government is looking to support the development of energy storage systems and ways to bolster energy efficiency in local industries, according to the report.
(KRW 1,000 = USD 0.861/EUR 0.777)