[June 28, 2022] VOGO Industries, a special purpose ship manufacturing company, announced the 28th that it has signed a memorandum of understanding to incorporate a joint venture in Dubai with OROS LLC, a company specializing in developing electric hydrogen-powered WIG crafts.

The memorandum of understanding, or MoU, is based on the creation of a joint venture by investing KRW 20 billion, 50 percent each from both companies, to combine VOGO Industries’ electric hydrogen ship power technology with OROS’s WIG ship manufacturing technology.

VOGO Industries will plough the investments from both companies into supporting specialized apparatuses related to the construction and production of WIG crafts to merge them with electric hydrogen technology. OROS LLC will base its 12-seater WIG vessel for VOGO’s ES-10 model with specialized technologies of electric hydrogen engine and Rolls-Royce electric motor, and focus on developing the upgrade version of existing VIG ships. Later, the co-developed electric hydrogen-powered WIGs will be primarily delivered to the Philippines and Korea, and then will be exported to other Asian countries, Europe, and North America.

VOGO Industries has technology for designing and producing more than 330 small special ships using aluminum and carbon fibers. Particularly, it is a company with accumulated know-hows in the submersible and ship markets using lithium batteries and electric propellants in Korea. Furthermore, it was selected as the prime entrepreneur of the 3rd Regulatory Free Zone Liquefied Hydrogen Mobility Demonstration and Gangwon-do Small Hydrogen Vessel Development Project by the Ministry of SMEs and Startups in 2021, and completed development of the first vessel that applies liquefied hydrogen and fuel cells.

Mr. Daeyoung MAENG, CEO of VOGO Industries, said, “OROS LLC is considered one of the world’s leading companies in terms of WIG vessel development technology, and it is a company with excellent technology and safety that exported 30 of its 12-seater WIG ships to Europe in 2022,” adding, “Our company and OROS established a joint venture in Dubai, UAE, and we plan to be reborn as a carbon-neutral eco-friendly global company through electric hydrogen-powered WIG vessels in the future.”

News1 (www.news1.kr)

[June 27, 2022] VOGO Industries, Korea’s top special purpose ship manufacturer, is preparing to be listed with the aim of KOSTAQ special case listing.

VOGO Industries announced on June 27 that it has invested in future value industries such as introducing VIG ships and eFlyers as part of efforts to be listed on KOSDAQ.

Earlier on the 23rd, VOGO Industries signed a memorandum of understanding (MoU) at LCS Group Korea in Gangnam, Seoul, and attracted $10 million in investment in LCS Group in the Philippines in connection with WIG ship development business.

The MoU between the two companies calls for supporting investment funds for WIG ship joint business, technology and experience, financing, and long-term growth and advance forward through strategic investment attraction

”We will deepen and expand our business through IPO,” said VOGO Industries. It explained “We have completed the issuance of uniform stock certificates as part of preparation for listing and shareholder management, and we are also signing MoUs and main contracts with foreign companies with assistance of Yulchon LLC to transfer technology for WIG and eFlyer and introduce them.”

Mr. Daeyoung MAENG, CEO of VOGO Industries, said, “We are pleased that the MoU, the first gateway to business diversification, is in the final stage,” adding, “We plan to release some of the company’s total shares in the market to meet shareholder recruitment requirements in 2023.”

VOGO Industries succeeded in (exclusively) localizing submersible vessels for the first time in Korea since its establishment in 1981, and has positioned itself as the nation’s top ship maker by supplying them not just to Korea but to overseas forces. Through this transfer of technology, it is expected to rise as an unrivaled company in the ship and aviation sectors.

In addition, the company was selected as the prime entrepreneur of the 3rd Regulatory Free Zone Liquefied Hydrogen Mobility Demonstration and Gangwon-do Small Hydrogen Vessel Development Project by the Ministry of SMEs and Startups in 2021, and completed development of the first vessel that applies liquefied hydrogen and fuel cells and now is under final test.

SmartFN (www.smartfn.co.kr)

[Jun 23, 2022] Special purpose ship-building company VOGO Industries (CEO Daeyoung MAENG) announced on June 23 that it has signed a memorandum of understanding to receive $10 million in investment from the Philippine LCS Group (Chairman Luis Chavit Singson).

LCS Group is the 13th largest business company in the Philippines, focusing on real estate development, mining, and transport businesses.

On August 31 last year, the Korean government invested $100 million to participate in the development project of Mangsang 1 district in the East Coast Free Economic Zone, and is currently taking part in the development of an international complex tourism city in Gangwon-do.

Under this MoU, VOGO Industries will in cooperation with LCS Group implement a joint project for WIG ships.

LCS Group takes responsibility of financing for this project, and 10% of the deposit will be paid in June, 50% of the intermediate payment in July and 40% of the balance in September.Daeyoung MAENG, CEO of VOGO Industries, said, “The Philippines has 7,641 islands and maritime transportation is essential. The Philippine LCS Group highly praised our company’s WIG technology and that is how we have received investment from LCS Group of the Philippines.” He also said, “Starting with this investment, we will further develop our technology and both companies will jointly make efforts to be able to build eco-friendly low-carbon vessels.”

“We are internally coordinating investment-related progress not only in the Philippine company but also in South Korea’s companies, which have witnessed our technology, growth potential., and opportunities for business diversification in the future. Based on this, we work on introduction and development of high-end technologies in preparation for IPO,” he added.

Gov. Luis Chavit Singson, Chairman of LCS Group of Companies, said in an interview, “I have become aware of the accumulated technology of VOGO Industries thanks to the Korean government office, and we have made this investment because we appreciated the WIG technology that we are interested in, and we plan to continue to support the two companies to work together to develop various special boats of VOGO Industries as well as WIG ships.”

VOGO Industries is the world’s third-largest company in development, production and export of small submersibles and has technology for designing and producing more than 330 small special ships using FRP, aluminum and carbon fiber.

Particularly, it is monopolizing the manned submersible market using lithium batteries and electric propellants in Korea.

In addition, the company was selected as the prime entrepreneur of the 3rd Regulatory Free Zone Liquefied Hydrogen Mobility Demonstration and Gangwon-do Small Hydrogen Vessel Development Project by the Ministry of SMEs and Startups in 2021, and completed development of the first vessel that applies liquefied hydrogen and fuel cells and now is under final test.

ETNEWS (https://www.electimes.com)

[Jun 10, 2022] Special ship production company VOGO Industries, with its new name, promotes its rise as a carbon-neutral and eco-friendly military shipbuilder in full scale.
The company said in a recent announcement on its official channel that it changed its name had been changed into VOGO Industries.

VOGO is a global company in the small submersible industry that monopolizes the lithium battery-based manned submersible market as well as the design and production performance of more than 330 small special ships using FRP, aluminum, and carbon fiber.

The change of name to VOGO Industries is meaningful along with capital increase as a signal to expand the scope of its business as it is selected as a liquefied hydrogen mobility demonstration organizer by the Ministry of SMEs and Startups.

Based on the production of liquefied hydrogen fuel cell ships, VOGO Industries is planning to develop WIG craft electric propellants (for military and civil use) and electric engine technologies through cooperation at home and abroad.

Further, it also plans to replace the aging fishing boats and various ship platforms it supplied to military and government offices with eco-friendly ones.

Mr. Daeyoung MAENG, CEO of VOGO Industries, said in an interview, “We have recently changed our name, and increased capital to improve financial solvency. Based on that, we plan to become a carbon-neutral eco-friendly ship and aircraft building company.” And he added, “Our first plan is to introduce electrically propelled WIG ships and liquefied hydrogen fuel cell ships.”

ETNEWS (www.etnews.com/)