4 US firms pledge $2b in South Korea for semiconductors, clean energy

Four advanced US companies will invest a combined $2 billion in South Korea. Pyeongtaek, Gyeonggi Province will receive facilities for supplying ultra-high-purity semiconductor gases and producing semiconductor equipment, while an advanced materials production process will be upgraded in Asan, South Chungcheong Province. Off the coast of Jindo, South Jeolla Province, development of a 3.2GW offshore wind complex is also set to move forward.

South Korea's Ministry of Trade, Industry and Energy and the Korea Trade-Investment Promotion Agency (KOTRA) announced Thursday (local time) that they held an "Investment Declaration Ceremony and Investor Roundtable" in Washington, D.C., receiving investment pledges totaling $2 billion (2.7 trillion won) from four US companies.

The participating companies are industrial gas supplier Air Products, semiconductor equipment maker Axcelis Technologies, advanced materials company Corning, and renewable energy developer Pacifico Energy.

The government said it expects the investment to expand domestic advanced-industry supply chains in areas including semiconductor materials and equipment and clean energy, while deepening industrial cooperation between South Korea and the United States.

Air Products will build dedicated infrastructure to supply industrial gases to next-generation semiconductor production sites in Pyeongtaek. The company plans to provide ultra-high-purity gases and rare gases for fine process technology, as well as hydrogen production equipment.

Axcelis, which manufactures ion implantation systems — a critical piece of semiconductor equipment — will also expand its investment in Pyeongtaek. The company plans to increase production capacity at its existing manufacturing facility and add research and development, prototyping and technical training functions.

Ion implantation systems are front-end process equipment that implant impurities into semiconductor wafers to create electrical properties. South Korea is the only country outside the United States where Axcelis produces ion implantation systems. Through this investment, the company intends to transform its Korean production base from a simple manufacturing site into a hub with full R&D capabilities.

Corning will invest in applying next-generation process technology at its production facility in Asan, South Chungcheong Province. The company, which produces glass, ceramic and optical materials, has invested in domestic production and R&D facilities across advanced materials — including display glass — since entering the South Korean market in 1973.

In clean energy, Pacifico Energy will continue investing in an offshore wind project in waters off Jindo, South Jeolla Province. The company is developing a 3.2GW offshore wind cluster in the area, comprising three projects: Myeongnyang (420MW), Manho (990MW) and Jindobaram (1.8GW). The Myeongnyang offshore wind project received a power generation license from the Ministry of Trade, Industry and Energy last year.

The government said it also expects the clean energy investment to help expand the power supply base needed for AI data centers and advanced manufacturing facilities.

The ceremony was attended by Air Products CEO Eduardo Menezes, along with executives from Corning, Axcelis Technologies and Pacifico Energy. Government officials and company representatives discussed ongoing projects in South Korea and conditions for additional investment.

KOTRA President Kang Kyung-sung said the investment "carries great significance as it is directly tied to the semiconductor, AI data center and physical AI sectors — the core of the government's three mega projects for South Korea's great leap forward." He added that attracting advanced-industry investment would "strengthen the domestic semiconductor materials and equipment supply chain, expand clean energy supply for AI data centers, and contribute not only to the development of the domestic industrial ecosystem but also to strengthening advanced-industry supply chain cooperation between South Korea and the United States." Kang said KOTRA would "continue to do its utmost to further expand investment by leading global advanced companies in South Korea."