Lotte and KAIST open joint research center in South Korea
South Korea’s Lotte Group and the Korea Advanced Institute of Science and Technology (KAIST) have opened a joint research and development center on the institute’s campus in Daejeon, South Korea. Lotte Group Chairman Shin Dong-bin and KAIST President Bae Chun-sik attended the completion ceremony for the Lotte X KAIST R&D Center, Korea Herald reports.
Funding and operations of the center
The center’s building has an area of nearly 4,300 square meters and seven floors. It was built with a Lotte donation of 10 billion won, or about $7.45 million, as well as KAIST funding, the amount of which was not disclosed.
The center plans to combine KAIST’s scientific capabilities with Lotte’s practical experience. The parties are to conduct fundamental research and experiments, create prototypes, and commercialize technologies. Artificial intelligence will also be used in the research process.
Research areas
The center will focus on three areas: sustainable biotechnology that can replace fossil fuels; carbon-neutral energy technologies for green hydrogen and renewable energy; as well as advanced food technologies and healthcare for future society.
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Shin Dong-bin said he hopes the center will become a pillar of cooperation between business and science. According to him, Lotte aims to be a reliable partner for faculty and students so that they can conduct research freely and not fear failure.
Previous cooperation
The partnership between Lotte and KAIST has continued since 2012, when the institute launched master’s and doctoral programs for Lotte employees. In 2022, the parties also established the Lotte Chemical-KAIST Carbon Neutrality Research Center to develop key technologies and train specialists.
KAIST President Bae Chun-sik called the opening of the new center the start of a new stage of cooperation. He noted that KAIST and Lotte intend to combine scientific and industrial-business capabilities to turn laboratory ideas and technologies into practical value.
