ACE Inventor was selected for DeepTech-TIPS, the Ministry of SMEs and Startups programme that adds government research funding to a prior private round. Combining 300 million won from Weltousi Venture Investment and Korea Value Investment with 1.5 billion won in public funding, the company secured 1.8 billion won of R&D budget over three years.

DeepTech-TIPS identifies promising startups across ten emerging industries. Because the scheme follows private money, much of the judgement is delegated to the market, and selection is read as a first validation of the technology itself.

At the centre of the case was the company's hydrogel solar cell. It tolerates low angles of incidence with little loss of output, is relatively insensitive to changes in light level, and can be produced in a range of colours — qualities that suit interior and exterior building materials. Its reliance on environmentally benign materials, unlike silicon cells, was also noted.

Policy formed part of the backdrop. Korea's tenth basic plan for electricity supply and demand raises solar to more than 40 per cent of renewable generation by 2030, creating demand for cells that can be integrated into buildings and farm structures. Conventional BIPV, however, costs two to three times as much to install as standard solar while delivering lower efficiency.

The company had been developing the technology since 2019 with support from Sookmyung Women's University's industry-academic cooperation foundation and its technology startup centre. The funding was allocated to building-integrated and agrivoltaic modules, and at the time the company was building a production system capable of forming multiple cells into a single module, with a stated plan to produce panels up to two square metres in area at a rate of 50 MW a year.

"We intend to secure decisive competitiveness in flexible, transparent solar cells, take the lead in global markets and grow into a deep-tech unicorn by 2030," Joung said.

ACE Inventor Inc., founded in November 2022, develops ultra-lightweight building-integrated photovoltaic (BIPV) modules. Its core technologies are a water-based hydrogel electrolyte membrane, electrophoretic large-area flexible electrode coating, and ultra-lightweight curved module design using FRP and ETFE composites. The company operates a 50 MW annual production line in Paltan-myeon, Hwaseong, Gyeonggi-do, and holds KS C 8577 BIPV module certification together with ISO 9001, 14001 and 45001. Its patent portfolio includes seven registered Korean patents and one registered US patent, with 23 applications filed in Korea and abroad. Contact info@aceivt.com · www.aceivt.com

Related coverage and sources

· The Kyosu Shinmun — 28 Dec 2023

· Chosun Ilbo Life & Learning — 28 Dec 2023

· Sookmyung Women's University — DeepTech-TIPS selection, 28 Dec 2023

· Newsis — DeepTech-TIPS selection, 29 Dec 2023

· The Korea Economic Daily — DeepTech-TIPS selection, 7 Jan 2024

· Korea Lecturer News — DeepTech-TIPS selection, 29 Dec 2023