June 23, 2022 Special purpose ship-building company VOGO Industries (CEO Daeyoung MAENG) announced on June 23 that it has signed a memorandum of understanding to receive $10 million in investment from the Philippine LCS Group (Chairman Luis Chavit Singson). LCS Group is the 13th largest business company in the Philippines, focusing on real estate development, mining, and transport businesses. On August 31 last year, the Korean government invested $100 million to participate in the development project of Mangsang 1 district in the East Coast Free Economic Zone, and is currently taking part in the development of an international complex tourism city in Gangwon-do. Under this MoU, VOGO Industries will in cooperation with LCS Group implement a joint project for WIG ships. LCS Group takes responsibility of financing for this project, and 10% of the deposit will be paid in June, 50% of the intermediate payment in July and 40% of the balance in September.Daeyoung MAENG, CEO of VOGO Industries, said, “The Philippines has 7,641 islands and maritime transportation is essential. The Philippine LCS Group highly praised our company’s WIG technology and that is how we have received investment from LCS Group of the Philippines.” He also said, “Starting with this investment, we will further develop our technology and both companies will jointly make efforts to be able to build eco-friendly low-carbon vessels.” “We are internally coordinating investment-related progress not only in the Philippine company but also in South Korea’s companies, which have witnessed our technology, growth potential., and opportunities for business diversification in the future. Based on this, we work on introduction and development of high-end technologies in preparation for IPO,” he added. Gov. Luis Chavit Singson, Chairman of LCS Group of Companies, said in an interview, “I have become aware of the accumulated technology of VOGO Industries thanks to the Korean government office, and we have made this investment because we appreciated the WIG technology that we are interested in, and we plan to continue to support the two companies to work together to develop various special boats of VOGO Industries as well as WIG ships.” VOGO Industries is the world’s third-largest company in development, production and export of small submersibles and has technology for designing and producing more than 330 small special ships using FRP, aluminum and carbon fiber. Particularly, it is monopolizing the manned submersible market using lithium batteries and electric propellants in Korea. In addition, the company was selected as the prime entrepreneur of the 3rd Regulatory Free Zone Liquefied Hydrogen Mobility Demonstration and Gangwon-do Small Hydrogen Vessel Development Project by the Ministry of SMEs and Startups in 2021, and completed development of the first vessel that applies liquefied hydrogen and fuel cells and now is under final test. by ETNEWS (https://www.electimes.com)
