MJ Tech Inc. and Abdulaziz Saud Abunayyan trd Co. (Saudi Arabia eco-friendly solution company) have confirmed a US$100 million investment with a new concept generator

[(Right) Myungjin Technology Co., Ltd. (CEO Choi Seon-gyu) signed a contract to attract US$100 million in Attracting foreign investment from (Left) Abdulaziz Saud Abunayyan trd Co. (CEO Mr. Fahad Abunayyan)]

MJ Tech Inc. (located at 94-1 Manwol-ro, Namdong-gu, Incheon), a company that manufactures and produces key components for inductors for electric and electronic products, announced on December 17 in Saudi Arabia that it had signed a contract to attract an investment of US$ 100 million (approximately 140 billion Korean won) from Abdulaziz Saud Abunayyan trd Co. which is Saudi Arabian eco-friendly solution company, with its newly developed new concept, new technology generator (MLG-1).
 
After the MOU signed at the Korea-Saudi Arabia Business Forum on July 30, 2024, MJ Tech Inc. has now achieved great results, providing an opportunity to establish itself as a leader in the global renewable energy sector in the future.
 
The new concept new technology generator (MLG-1) developed by MJ Tech Inc. is a generator with a new technology that has not yet been introduced to the world, which drastically reduces frictional force and even resolves the heat generation caused by it based on the magnetic levitation technology that rotates the generator without using bearings. One of the Southeast Asian countries have already confirmed the specifications of MJ Tech Inc.’s generators and have expressed their intention to purchase over 50,000 generators, and they are planning to distribute them first to countries with underdeveloped power environments and households around the world that need eco-friendly power. Furthermore, generators that can be used for industrial purposes are also in the initial development stages.
 
This investment will be used to establish a local joint venture and R&D center with Saudi Arabian Abdulaziz Saud Abunayyan trd Co., and to produce next-generation products with improved and superior performance, said Choi Seon-gyu, CEO of MJ Tech Inc., and expressed his gratitude to the CEO of Abdulaziz Saud Abunayyan trd Co. for his interest in and investment in the technology developed by a Korean SME.
 

This contract is a valuable step forward that shows that Korean SMEs can also succeed in overseas expansion if they have technology that is recognized overseas, and it is expected to serve as an example for Korean companies armed with competitive items and technology.
  

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