SK Innovation has joined forces with the Ministry of Environment of Korea to support the growth of innovative start-ups and create an ecosystem for eco-friendly social enterprises.

On November 5, SK Innovation delivered the ‘Stable entry and commercialization as a social enterprise’ grant to social enterprises that were selected through the ‘Environmental Social Enterprise Start-Up Ideas Contest’ (hereinafter ‘the contest’) at SK Building in Jongno-gu.

The winners of the contest, which was held by SK Innovation and Korean Ministry of Environment in May, are Somuna, Montsenu, and Hand It Back to Nature and they in total received a 400 million KRW grant. Among 130 companies that had participated in the contest, these three companies were selected as the target for intensive business incubation by comprehensively verifying that they have ▲ business model(s) that solves environmental problems, ▲ possible business feasibility, and ▲ scalability of social values.

The ceremony was attended by CEO of SK Lubricants Jee Dong-seob, Head of the Environmental Economy Facilitation Department of Ministry of Environment Kim Dong-gu, Executive Director of Korea Microcredit Joyful Union Park Hyang-hee, as well as CEO of Somuna Song Jong-won, CEO of Montsenu Park Jun-bum, and CEO of Hand It Back to Nature Lee Hyeon-tae.

▲ CEO of SK Lubricants Jee Dong-seob (left) and Head of Department of Environmental Economy Facilitation of Korean Ministry of Environment Kim Dong-gu (right) deliver congratulatory speeches during the event

Among the top three winners, the grant of 200 million KRW went to Somuna, which developed a battery control system that allows refrigerator trucks to keep freezing/built-in functions working even when the truck stops or starting engine is off. Montsenu, which makes fashion clothes from discarded plastics, and Hand it Back to Nature, which makes durable, eco-friendly straws that are easily decomposed, each received 100 million KRW from the total grant.

▲ From left: CEO of SK Lubricants Jee Dong-seob, CEO of Montsenu Park Jun-bum, CEO of Somuna Song Jong-won, CEO of Hand It Back to Nature Lee Hyeon-tae, Head of the Environmental Economy Facilitation Department of Ministry of Environment Kim Dong-gu pose for a photograph after the ceremony

Not only did SK Innovation deliver the grants, but it also pledged to continue supporting these enterprises in various fields, including SK Innovation’s know-how in finance, coporate laws, marketing, public relations, and assisting the companies with product technology, design development, production, patent registration, and logistics network.

In addition, SK Innovation keeps seeking new opportunities for social enterprises to expand and grow their business, create social value together by connecting them with SK Innovation’s business.