The Business Network for Offshore Wind, in partnership with the Korea SMEs and Startups Agency (KOSME), has launched the US Offshore Wind Pathway Program, designed to support the entry of Korean-based companies into the fast-growing US market.
The ten companies that were selected by KOSME are: ACE Engineering&Technology, CyTroniQ Co., Ltd., Dong Yang Engineering (DYE), Forum D&P Inc., Joong-Ang Heavy Industry Co., Ltd., KHAN Plant, Shilla Corporation, Shinjin Fasteners (SJF) Co., Ltd., Yuil Co., Ltd., and Yujoo E&C Co., Ltd.
Starting this month and over the next 15 weeks, the companies will be supported by the Business Network for Offshore Wind with education, business mentoring, and access to networking events.
The partnership with KOSME will include the Network’s Foundation 2 Blade training, which helps companies expand into the offshore wind industry, and mentorship on the US offshore wind industry.
The Korean companies, specialising in areas ranging from floating offshore wind design, substation design, and engineering to digital automation and raw materials and parts, will be matched with US-based mentors who will assist them in developing a market strategy and business plan, and provide customised training on the US offshore wind industry, from permitting to construction.
“From the New York Bight and Carolina Long Bay lease auctions to the upcoming leases in California and the Gulf, and the recently announced Pacific and Mid-Atlantic lease areas, the long-term success of the U.S. offshore wind industry will require a strong domestic supply chain and expansive manufacturing capabilities “, said Liz Burdock , CEO of the Business Network for Offshore Wind.
“ Korean businesses recognize the vast potential of offshore wind power in the United States and are making investments now to help grow the supply chain and accelerate growth “.
The US set a national target of 30 GW of installed offshore wind capacity by 2030 as part of the plan introduced by the Biden administration in March 2021.
According to the plan, the offshore wind target will support around 77,000 direct and indirect jobs and trigger more than USD 12 billion per year in capital investments in projects on both US coasts.
The 2030 target could also unlock a pathway to deploy 110 GW or more of offshore wind capacity by 2050, which is expected to support a total of 135,000 jobs by that time.