INGINE, an eco-friendly wave energy social venture supported by SK Innovation, announced that the consortium led by the headquarters and its UK subsidiary INGINE Wave Energy Systems Ltd (hereinafter “IWES”) was chosen for Energy Catalyst Round 9 (Early Stage) at the end of last year. Energy Catalyst Round 9 (hereafter “ECR9”) is a corporate technology innovation support program of Innovate UK, the UK’s innovation agency, part of UK Research and Innovation (“UKRI”). This means INGINE was once again recognized for its excellence in wave energy and coastal wave power generation technology.
UKRI a non-departmental public body sponsored by the Department for Business, Energy and Industrial Strategy (BEIS). Innovate UK runs sector-based funding competitions open to all innovative businesses throughout the year. Energy Catalyst Round is one of the most representative programs in clean energy sector, which has been involving more than 200 partners in developing countries and supported more than 750 energy innovation companies since 2014. It aims to accelerate the technological innovations required to initiate or improve clean energy in regions such as Africa, South Asia, and the Indian Pacific region.
Among the Sustainable Development Goals (SDGs), the biggest goals of the UN and the international community, the program focuses on meeting SDG7, “ensure access to affordable, reliable, sustainable modern energy for all,” and SDG13, “take urgent action to combat climate change and its impacts” to expand the benefits of clean energy.
The INGINE consortium consists of INGINE, IWES, the University of Highlands and Islands (UHI) in Scotland, and an Indonesian utility company PT Indonesia Power (PT IP). The consortium will be funded with GBP 150,000 since it has been selected as ECR9, and will carry out the “Indonesia Wave Energy Project”.
| INGINE to lay the foundation for energy production with green resources in Indonesia
INGINE will introduce wave energy technology to Eastern Indonesia, an area with insufficient renewable energy development and power generation. The goal of the project is to contribute to the creation of a green future. The project has been selected as an Early Stage of ECR9. It will focus on feasibility study and design of initial power plant as a part of the wave energy project in the East Nusa Tenggara region of eastern Indonesia.
After the initial stages, INGINE aims to complete a wave energy generation system on the coast of Indonesia within two to three years and implement a megawatt (MW)-level project five years later. It plans to conduct a close investigation and design an adequate system accordingly. Moreover, in the construction stage of wave power plants, the company plans to have local people participate in the construction work to strengthen their proficiency in wave power generation and local management capabilities.
Unlike the conventional off-shore wave power generation method that requires massive costs in installing the power generation unit off-shore, INGINE’s on-shore method immensely cuts down on initial installation and operation costs by installing the power generation unit on the ground near shore, which led INGINE to be the global leader in the industry. In addition, INGINE’s wave power generation technology can be applied in remote areas such as islands and mountainous areas where there are not enough power grids.
Moreover, INGINE’s on-shore wave power generation technology is expected to contribute to creating ESG values in the environmental sector, as the technology is a renewable energy generation method that takes practical advantage of wave resources.
▲ (Left) INGINE’s wave power plant in Jeju Island, Korea/ (Right) A panoramic view of East Nusa Tenggara in eastern Indonesia, where INGINE is planning to carry out the project
| The future of green energy SK Innovation and INGINE create together
Back in 2019, SK Innovation recognized INGINE’s potential through the green energy industry and green social venture fostering program and invested KRW 2.5 billion. This began with the goal of creating additional green social values from not only the green projects of SK Innovation but also by supporting green social ventures in different fields. SK Innovation supports eco-friendly green social ventures to develop and secure future energy technologies, while also supporting energy independence in underdeveloped areas.
In November 2019, SK Innovation and INGINE carried out the “Carbon Free Island project” on the Vietnamese island of An Binh to solve Vietnam’s environmental problems. The Wave Power Generation Project in Vietnam, conducted in joint with SK Innovation, had been chosen as one of the targets supported by the U.S. Agency for International Development (USAID) in April 2021 and had undergone the Environmental and Social Impact Assessment (ESIA).
INGINE also took part in the ceremony on October 13 of last year which marks the 60th anniversary of SK Innovation. On this occasion, SK Innovation declared its vision of “All Time Net Zero” that surpasses Net Zero by 2050. SK Innovation recreated itself as a green energy company that creates sustainable global environment and promised to pass on clean energy without carbon emissions to future generations.
▲ (First from right) CEO of INGINE Sung Yong-jun participated in SK Innovation’s 60th Anniversary Ceremony held at the International Conference Hall of Korea Chamber of Commerce and Industry in Seoul, Korea on October 13, 2022.
INGINE is continuing to expand green renewable energy based on its advanced wave power generation technology capabilities. In Korea, it constructed a wave power generation plant on Jeju Island in 2015, which is in pilot operation. Moreover, it is striving to expand its global business by establishing local corporations and partnerships in the following 9 countries: UK, Indonesia, Nigeria, Canada, Vietnam, Taiwan, Japan, Morocco, and France. INGINE and SK Innovation will continue to secure and expand green technology to create a sustainable world.
–Social venture INGINE sealed the first overseas contract on wave energy in Yuquot, Canada
–SK Innovation held SV Community Workshop to nurture social enterprises and social ventures
–[ESG partner] INGINE, a social venture brings clean electricity to islands through wave energy technology