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| Goldman Sachs / Yonhap-EPA |
By Anna J. Park
Goldman Sachs and SK Holdings will jointly invest 50 billion won ($43 million) in Belstar Superfreeze (Belstar), a developer and operator of cold chain logistics centers, the U.S. investment bank said Monday.
In a press release, Goldman Sachs said that Belstar will use the funding for the construction of its largest cold chain logistics center at Songdo New Port in Incheon and to support the operation of its cold chain logistics center in the Oseong Industrial Complex in Pyeongtaek, Gyeonggi Province.
Established in 2014 by EMP Belstar, a U.S. based investment platform, Belstar is a leading developer and operator of cold chain logistics centers utilizing "LNG cold energy."
The company operates the world's first energy-independent cold chain logistics center within the Oseong Industrial Complex, combining LNG cold energy with various new and renewable energy technologies.
"Drawing on Goldman Sachs' global network, experience in growing companies and cold chain logistics expertise, we endeavor to make Korea's ambitions to become the cold chain hub of Northeast Asia real," EMP Belstar Chairman Daniel Yun said.
"In fostering new companies, we are excited to also support the development of leading, new technologies. We look forward to leveraging our global network and experience for the growth of the company," said Jay Hyun Lee, managing director of the Merchant Banking Division of Goldman Sachs.
In a statement, SK Holdings said, "Cold chain logistics centers developed and operated by Belstar are high value-added items that are key to the logistics hub business. We expected the continued construction of cold chain logistics centers to not only promote regional development but also contribute to creating jobs."
