UL Solutions and Korea's Ministry of Small and Medium-sized Enterprises and Startups Establish New Relationship to Support Startups Focusing on Emerging Industries

The collaboration will support South Korean startups in addressing new mobility technologies.

WASHINGTON,April 28,2023 -- UL Solutions,a global leader in applied safety science,and Korea's Ministry of Small and Medium-sized Enterprises (SMEs) and Startups (MSS)signed a memorandum of understanding (MoU) formalizing a collaboration to support market access readiness for promising Korean startups in new industries,including new mobility. The MoU was signed by the Minister of SMEs and Startups Young Lee and UL Solutions Executive Vice President and President of Testing Inspection and Certification Weifang Zhou on the occasion of South Korean PresidentYoon's state visit to the United States.

UL Solutions and Korea’s Ministry of Small and Medium-sized Enterprises (SMEs) and Startups (MSS) signed a memorandum of understanding (MoU) formalizing a collaboration to support market access readiness for promising Korean startups in new industries,including new mobility. The MoU was signed by the Minister of SMEs and Startups Young Lee and UL Solutions Executive Vice President and President of Testing Inspection and Certification Weifang Zhou.

The MoU will facilitate cooperation between MSS and UL Solutions to include the development of implementation agreements to guide support for Korean tech startups using UL Solutions safety science expertise and a global certification support center in Korea.

"This MoU is significant as it is the first case where UL Solutions,recognized as a leading quality and safety certification company,provides technical support to foreign startups," said Minister Lee. "Through cooperation between the two organizations,MSS will spare no effort to support promising companies to overcome challenges such as changes in the global economic landscape and to blossom and thrive,and the Ministry will continue to develop cooperative models to solidify the innovative foundation for future generations," she added.

"Helping innovators address their safety,security and sustainability challenges is at the core of our mission," said Jennifer Scanlon,president and CEO,UL Solutions. "We are honored to collaborate with Korea's Ministry of Small and Medium-sized Enterprises and Startups to apply our safety science expertise to help promising companies transform challenges into business opportunities."

MSS plans immediately to carry out working-level discussions with UL Solutions to finalize plans to utilize UL Solutions' safety science expertise in the U.S.,operate a global certification support center in Korea and actively identify cooperative projects between Korean startups and companies in the U.S. UL Solutions will look for opportunities to support SMEs with services to help them increase market readiness and help enhance product quality and safety,from performance verification to testing and inspection.

"UL Solutions is honored to be a part of this MoU allowing us to apply our safety,data and technology expertise that will help empower businesses in Korea to innovate with confidence today and fuel future success," said Zhou. "Working acrossindustries means we know how to adapt our servicesto novel products,emerging fields and evolving regulations. We look forward to sharing our insight with promising Korean companies and welcoming them to our global innovation community."

About UL Solutions

A global leader in applied safety science,UL Solutions transforms safety,security and sustainability challenges into opportunities for customers in more than 100 countries. UL Solutions delivers testing,inspection and certification services,together with software products and advisory offerings,that support our customers' product innovation and business growth. The UL Certification Marks serve as a recognized symbol of trust in our customers' products and reflect an unwavering commitment to advancing our safety mission. We help our customers innovate,launch new products and services,navigate global markets and complex supply chains,and grow sustainably and responsibly into the future. Our science is your advantage.

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