[Edaily Marketin KIM SUNG-SOO Reporter] Experts have advised that for energy deep-tech companies to move beyond technology validation and grow in the global market, they must be supported not only by technological competitiveness but also by business execution capabilities, phased capital-raising strategies, and the development of an industrial ecosystem.

It was also pointed out that institutional barriers hindering the commercialization of advanced technologies held by public research institutions must be lowered, and the investment infrastructure spanning from early-stage tech companies to the commercialization phase must be expanded.

During Session 2 of the panel discussion at the “Global Alternative Investment Conference in BIXPO 2026,” held on the 5th at the Kim Dae-jung Convention Center in Gwangju, Jeonnam, participants discussed the challenges companies face and growth strategies for technology commercialization, investment, and global market entry.

Challenges: ‘Institutional Barriers’ and ‘Researchers Starting Businesses’ Hindering Public Technology Commercialization

The panel discussion was held under the theme “The Convergence of Technology and Capital: How Are Energy Unicorns Created?”

Jeong Dong-jae, a senior researcher at the Korea Institute of Energy Technology, served as the moderator, while Masaaki Mezaki, CEO of Japan’s GPSS; Lee Deok-jun, CEO of D3 Jubilee Partners; Chris Lee, CFO of Amoji; and Jang Bo-yoon, CEO of Iterten, participated as panelists.

The panelists unanimously emphasized that, in the growth process of energy deep-tech companies, identifying the fundamental needs that customers seek to address is more important than the technology itself. In particular, they agreed that bridging the gap between technology development and commercialization requires not only R&D capabilities but also personnel capable of understanding the market and securing customers.

CEO Jang Bo-yoon highlighted the challenges of commercializing public technology, drawing on his experience transitioning from researcher to entrepreneur. After gaining experience in technology transfer and establishing spin-off companies at the Korea Institute of Energy Research, CEO Jang founded Iterten, which develops core materials for next-generation all-solid-state batteries. The company is currently in the final stages of its Pre-A investment round and views secure energy storage environments, such as data centers, as its primary market.

“I’ve been involved in technology transfer about eight times so far,” CEO Jang said. “Over the past 10 years, I poured my energy into a single technology, experiencing the entire process from technology transfer to mass production and exit.” He added, “Since public technology is developed using taxpayers’ money, I believed it was a researcher’s duty to ensure it is valued as highly as possible by the industry.”

However, CEO Jang explained that the burden researchers must bear during the commercialization process following technology transfer is considerable. “It was truly difficult to bring the technology to the mass production stage over the course of five years,” he said, pointing out, “There are still many hurdles in the process of transferring public technology to industry, and the institutional conditions that allow researchers to participate in commercialization are insufficient.”

He continued, “While there are many outstanding public technologies—ranging from heat pumps to ammonia—some technologies are left to fade away as researchers retire,” emphasizing, “We need to give more thought to how we can bring these technologies into the industry and connect them with investment.”

Securing Talent with ‘Business Execution Skills and Market Understanding’ Beyond Technology Validation

Regarding researcher-led startup teams, the investment industry also expressed the view that, aside from technical expertise, personnel capable of leading the business are necessary.

CEO Lee Deok-jun stated, “From a VC’s perspective, we do not prefer teams consisting solely of researchers,” adding, “While technology is important, business experience—such as establishing a company, directly building a business in the market, marketing, and acquiring customers—is crucial.”

He believed that teams where researchers and individuals with business experience share roles are more likely to succeed. CEO Lee explained, “There are cases where professors, even after founding a company, focus solely on writing research papers and running their labs,” adding, “Only when a team is well-structured and roles are clearly divided can it lead to business success.”

There were also calls to strengthen institutional support so that technologies from public research institutions can be successfully commercialized. CEO Lee said, “Even when promising technologies are developed at universities or government-funded research institutes, the path to commercialization is long and fraught with difficulties,” adding, “We must create an environment where more researchers with core technologies suitable for commercialization can attempt to start their own businesses.”

Analysis suggests that investor demands and funding methods vary depending on the growth stage of energy deep-tech companies. Amoji, a company developing technology to generate electricity using ammonia, has raised approximately $320 million since its founding in 2020. While it initially focused on technology validation, it has recently begun commercialization and revenue generation based at its Houston, Texas, plant.

CFO Chris Lee explained, “We spent about five years validating our technology after the company was founded,” adding, “We progressed from drones to tractors and trucks, eventually building the world’s first ammonia-powered tugboat, and recently began full-scale commercialization by constructing a plant in Houston.”

He emphasized that organizational changes and talent acquisition were crucial during the growth process. “Even for a technology company, it ultimately comes down to people,” said CFO Lee. “It’s important not only to recruit outstanding talent but also to continuously evolve the company’s DNA.”

Need for Coordination Among VC, Growth Funds, and Infrastructure Financing at Each Growth Stage

He explained that fundraising strategies must also evolve in line with a company’s growth stage.

CFO Chris Lee said, “In the early stages, market size, team capabilities, and future vision are important, but as the business progresses, what investors want changes.” He added, “Early-stage investors look at technology and growth potential, but as the company moves into later stages, asset management firms, insurance companies, and infrastructure funds demand cash flow and stability.”

To mitigate the risks associated with large-scale capital expenditures, Amoji is advancing its business by expanding collaboration with strategic investors rather than building all its factories on its own. CFO Lee stated, “By collaborating with strategic partners such as GS and Samsung Heavy Industries, we have reduced the risks associated with capital investment and enhanced our technological maturity,” adding, “It is crucial to have the execution capability to anticipate the conditions required for the next investment stage in advance and build the company accordingly.”

CEO Lee Deok-jun also emphasized the need for diversity in the capital markets to support follow-on investments in energy deep-tech companies. He said, “We need capital to invest in companies that have completed large-scale demonstrations and are moving on to the next stage, even if their revenue is not yet substantial,” adding, “While the U.S. has a relatively diverse range of capital willing to take on the risks associated with this growth stage, Korea still lacks in this regard.”

He added, “We need more growth funds and private equity (PE) firms that can absorb growth risks during the stage when companies that have completed technology validation are transitioning to infrastructure financing.”

Regarding entry into global markets, it was suggested that business strategies tailored to each country’s policies and industrial environment are crucial. CEO Jang remarked, “Deep-tech companies are in a sector where they must operate with the global market in mind from the very beginning, rather than expanding overseas only after achieving a certain level of success domestically,” adding, “Technology-driven companies often struggle to determine their expansion strategy because their overseas networks are less developed than their domestic ones.”

He particularly highlighted that a strategic approach to the Chinese market is a key challenge for companies in the materials and manufacturing sectors. “In an industry with a strong manufacturing base like Korea’s, startups must also consider how to approach the Chinese market from a global perspective in order to survive,” he said.

Amogi is also pursuing localization strategies tailored to each country’s energy policies and industrial demand. CFO Lee explained, “Even when operating in multiple countries with a single technology, each nation’s energy strategies and policies differ, and corporate customers have different reasons for adopting the technology,” adding, “We must formulate business strategies tailored to each country’s specific circumstances.”

Increasing Acceptance of Energy Projects Through Local Joint Investment and Profit Sharing

In the process of developing

energy

projects, reconciling interests with

local

communities was identified as a key factor, alongside the economic viability of the technology. GPSS, which develops hydroelectric, geothermal, wind, biogas, and solar projects primarily in Japan, employs an approach that involves local residents as joint venture partners rather than mere targets of the business.

CEO Mezaki said, “In business, customers want to buy at the lowest possible price, while sellers want to sell at the highest possible price, so there is a conflict of interest,” adding, “We aim to resolve this conflict by jointly pursuing projects with local communities and sharing ownership and profits from the power plants.”

He explained that since renewable energy projects take a long time—from development to actual operation—community participation is crucial to the project’s sustainability. “Project development can take anywhere from five to ten years,” said CEO Mezaki. “When local residents participate as co-owners, the power plant becomes a community project rather than just our own.”

He also presented a case study of a geothermal project in the Niigata region of Japan. In hot spring areas, local residents may oppose geothermal power generation due to concerns that it could deplete hot spring water supplies or negatively impact the hot spring industry. While GPSS pursued a project to generate electricity using high-temperature water leftover from hot spring operations, it reached an agreement through a joint venture structure with local residents.

CEO Mezaki emphasized, “Even if a project is beneficial to everyone—both technically and logically—the sentiments and emotions of local residents cannot be resolved by logic alone,” adding, “We must take sufficient time to build trust with the local community and establish a joint venture structure.”

Whether a technology can secure sustained demand in the actual market was also presented as a key criterion for commercialization. CEO Mezaki said, “When evaluating a technology, the first thing we look at is whether it can address fundamental and universal needs,” adding, “Rather than electricity itself being the goal, what people actually want are the services they seek through electricity, such as heating, transportation, and computing.”

He continued, “We must identify fundamental human needs that lie deeper than superficial demand,” explaining, “If a technology addresses such needs, it can secure a sustainable market in the long term.”

Toward the end of the discussion, each company also shared its future growth strategies. CFO Lee stated, “The power business isn’t just about having good technology; we must build an overall value chain and ecosystem,” adding, “We will collaborate with various stakeholders—including KEPCO, ammonia suppliers, EPC firms, and customers—to create a business that contributes to Korea as well.”

CEO Jang said, “We are gauging market demand by conducting proof-of-concept (PoC) projects with domestic battery manufacturers,” adding, “While preparing to pivot according to market conditions, we are constantly deliberating on how far to shift our business direction and where to focus our core operations.” He continued, “It is the CEO’s role to steadfastly lead the way into the future, drawing on the passion and expertise of our engineers.”

During the discussion, it was repeatedly confirmed that the growth of energy deep-tech companies is not determined solely by the excellence of individual technologies. Key challenges in fostering energy unicorns were identified as broadening the pathways for the creation and commercialization of public technologies, connecting capital at each stage of growth, and jointly building business execution capabilities as well as partnerships with local communities and industries.