‘I Will Build a World-Class Eco-Friendly Engine Company’
Equipped with Asia’s Largest Engine Test Facility

‘From the early days of the company, our goal has been to establish a system capable of developing all types of eco-friendly engines, and we have been running toward that goal until now. Thanks to the help of many people around us, we were able to complete the Eco-Friendly Engine Research Center. With this completion, we pledge to leap forward as a world-class eco-friendly engine company.’

CEO Lee Yong-gyun of EngineTech shared these thoughts on the completion of the Eco-Friendly Engine Research Center (August 21). While searching for the most affordable site closest to the Seoul metropolitan area, he purchased a driving school property. He planned and built the research center with a single-minded determination to create something new that no one had ever attempted.

CEO Lee said, ‘Our research staff is specialized, so we built the research center at the minimum scale needed for the system to function,’ and ‘With the help of those around us, we utilized surplus equipment and used self-developed equipment.’

‘The current facility starts small, but it is designed to ensure continued expansion potential. We have secured space to add 20 more engine and vehicle test rooms to the research center in the future.’

According to CEO Lee, the research center is the largest in Asia among small and medium venture companies, excluding automobile manufacturers.

‘Reducing harmful gases and carbon dioxide emissions from engines is the core of engine development technology. Therefore, developing domestic eco-friendly engine technology is not only a great business opportunity for companies, but also essential for becoming an advanced environmental nation.’

CEO Lee has an extraordinary passion for research and technology development. As of August, 30 out of 87 employees are dedicated to R&D. Key personnel at the team leader level and above are former engine development researchers from Hyundai, Kia, Daewoo, and SsangYong Motors. With the completion of the research center, the company plans to recruit an additional 10 R&D personnel, expanding to about 40 people, with a mid-to-long-term goal of having approximately 100 R&D staff.

‘Engines are needed across the entire spectrum, from 1 unit per year to 400,000-500,000 units, but since no one other than large corporations possessed engine technology, many areas have been dependent on overseas sources until now. Recognizing this, we started with the goal of developing domestic eco-friendly engine technology.’

EngineTech started in September 1999 in a small 10-pyeong (33㎡) research room at the Korea Agency for Technology and Standards training center in Guro-dong. Selected for the agency’s venture company incubation program, the company received 3 years of startup incubation support while utilizing the agency’s facilities to develop low-emission engine technology. After leasing part of LS Cable’s Gunpo factory, the company secured an opportunity for a second leap with the completion of the research center in Yangno-ri, Bibong-myeon, Hwaseong City.

‘Our business started with engine component design and development services. We acquired 3 surplus engine dynamometers from Hyundai-Kia Motors and installed them with our own technology, which marked the beginning of full-scale LPG and CNG low-emission engine development.’

The company gained rapid growth momentum when engine testing equipment business, such as dynamometers, was added. Since obtaining LPG certification in April 2006 through the end of July this year, the company has converted 17,000 diesel vehicles to LPG. It is also conducting a pilot project to convert diesel vehicles to CNG with Seoul City’s support. With R&D funding from the Ministry of Environment, the company has been developing LNG conversions for large diesel vehicles for the past 5 years. Currently, full-combustion vehicles are at the engine/vehicle development completion stage, while dual-fuel technology has completed basic technology development and is proceeding with engine/vehicle matching. With the research center completion, the company plans to expand development areas to hydrogen, landfill gas, biogas, and more.

‘With the best technology and the best partners, we will boldly leap forward as a world-class eco-friendly engine company.’

EngineTech achieved revenue of 33.2 billion won and net income of 3.3 billion won last year. This year’s revenue target is 45 billion won. The company is preparing for KOSDAQ listing in 2009.

<Reporter Lee Jong-su jslee@enn.co.kr>