Gov't-backed research firm enters US market as arm of Nasdaq-listed firm

The Ministry of Science and ICT headquarters in the central city of Sejong / Courtesy of the Ministry of Science and ICT

The science ministry said Monday a local artificial intelligence (AI) research firm nurtured at a state-run industrial cluster has become an affiliate of a Nasdaq-listed rare earth supply chain company, effectively entering the U.S. stock market.

Hanlab, an AI automation firm based at Innopolis Daedeok, a state research cluster in the central city of Daejeon, has become a subsidiary of Evolution Metals & Technologies (EMAT) Corp., which debuted on the tech-heavy Nasdaq market last month, according to the Ministry of Science and ICT.

"This marks the first time a research institute from a state research and development cluster has taken a step forward through the Nasdaq market," First Vice Science Minister Koo Hyuk-chae said in a release.

"The government will continue to identify and foster deep-tech research firms so that their technological achievements lead to startups and global market entry, helping build a virtuous cycle," Koo added.

The science ministry plans to continue efforts to foster businesses with competitive technologies, noting the budget for nurturing research and development clusters is set at 167.3 billion won ($114 million) for 2026, up 44 percent from a year earlier.