According to Yonhap News,

JAFCO Asia’s Investment Director Jeong Eui-cheol signed a $21 million-investment memorandum of understanding with HOTPLAYER’s CEO Kim Min-hyeok. Gyeonggi Governor Kim Mun-su and President of Woori Bank Lee Sun-u also attended the signing ceremony.

HOTPLAYER is a Korean small-and-medium enterprise that has succeeded with developing new technology increasing efficiency of photovoltaic cells via materials releasing the heat but struggled with liquidity problems in recent years.

Gyeonggi became to know the financial troubles facing HOTPLAYER during its efforts to cultivate the regional photovoltaic industry by searching and supporting SMEs with great potential in collaboration with SNE Research.

And then the province injected emergency funds into the financially-stricken SME with Woori Bank to help address the liquidity problems and suggested an investment agreement between JAFCO Asia and HOTPLAYER.

JAFCO Asia, an affiliate of JAFCO Group, which is a part of its largest shareholder Nomura Securities, is a Singapore-based investment fund company that has managed an accumulated 1.2 trillion won-fund. Since its establishment in 1990, it has been engaged in long-term investment in Asia’s venture companies including 53 Korean SMEs.

Woori Bank dealt with legal issues and investment conditions. After negotiations, JAFCO Asia eventually decided to ink the $2.1 million-investment MOU considering potentials of the photovoltaic market and HOTPLAYER’s technological prowess.

Gyeonggi also concluded an investment partnership agreement with JAFCO Asia to offer information on Gyeonggi-based promising SMEs with financial problems.

Any promising SMEs in need of financial investment can contact Investment Promotion Department (031-8008-2763, 2777) of Gyeonggi Province.

Source: Gyeonggi Local Government (Sep. 7, 2012)

** This is the translation of a Korean article.