Since the late 2000s, the Korean government’s energy policy has begun to re-examine the energy industry as a newgrowth engine for the nation, furthering its goal of stabilizing supply and demand. The government has steadily increased R&Dinvestment in the energy sector by promoting “low-carbon green growth” with the paradigm of national development. The aim of thisstudy was to determine if government R&D investment has an effect on the sales growth of beneficiaries in the energy industry. Inaddition, this study analyzed how the effects of government R&D investments differ in renewables, electricity, and the nuclearprogram. The results showed that the government R&D investment does not necessarily guarantee an improvement in sales growth ofthe beneficiary company, but is significant only in the renewable energy sector. This study concludes that there is a need to diversifythe investment types according to the market and technology maturity.