Bugang Plant, led by CEO Gong Byeong-seok, is a small business established in March 2021 that manufactures eco-friendly industrial equipment for factories. Gong faced bankruptcy but successfully restarted the business with support from the Technology Guarantee Fund. The company has since achieved business success by obtaining patents for equipment that minimizes pollutant emissions.
According to the Technology Guarantee Fund on July 9, Gong initially founded Bugang Industry to manufacture air and water quality control equipment and develop eco-friendly incinerators. However, he faced a liquidity crisis due to disputes with clients, leading to financial difficulties.
After reaching out to the Technology Guarantee Fund, he secured a foothold for recovery through debt restructuring following a guarantee repayment in March 2015. Since restarting as Bugang Plant in 2021, he has received operational funds from the fund in 2021 and 2025, as well as a re-challenge recovery guarantee for facility funds this year.
The eco-friendly incinerator developed by Bugang Plant is a fuel-reducing product that enhances heat recovery efficiency and reduces environmental pollutants. The company holds multiple intellectual property rights and received ISO 14001 certification in 2024.
In April 2022, just a year after its restart, Bugang Plant's revenue rose from 57 million won to 3.193 billion won last year, with a target of 6 billion won in revenue for this year.
Gong stated, "We are currently working on supplying 'oil conversion equipment' that transforms waste plastic into oil. Since the orders are custom-made and we are obtaining patents, I expect to achieve our revenue goals. We are also actively pursuing new clients, which bodes well for continued business growth in the future."
The Technology Guarantee Fund's 're-challenge recovery guarantee' supports companies with excellent technology by providing debt restructuring and new funding. It can reduce existing debts by 75% to 90% and offers new guarantees for business operations, with funding up to 3 billion won. Notably, for companies with outstanding technology, such as venture firms, the fund can reduce up to 90% of the debt owed to it.
A representative from the fund remarked, "The case of Bugang Plant can serve as motivation for entrepreneurs who have experienced failure to restart their businesses. We focus on the potential for recovery and the technological viability of the business, regardless of its size."
* This article has been translated by AI.
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