■ INGINE, a social venture with its distinctive wave energy technology, successfully attracted investment from Korea Development Bank

– Previously, INGINE received a 2.5 billion KRW investment from SK Innovation as the company aims to foster green energy industry

■ CEO of INGINE: “As our company is accelerating overseas business in Indonesia, Canada, etc., we will strive to commercialize wave energy technology with a stable financial structure.”

INGINE Inc. (CEO Sung Yong-jun, www.ingine.co.kr), a social venture that developed wave energy generation system, recently announced that it successfully received a 4 billion KRW investment from Korea Development Bank (KDB) in recognition of its technological edge and growth potentials,

Back in 2019, INGINE’s potential was recognized by SK Innovation through the Green Energy Industry and Eco-Friendly Social Ventures Fostering program. SK Innovation invested 2.5 billion KRW in INGINE as part of its Green Balance 2030 strategy, where social values are set to be created not only from SK Innovation’s projects but also by supporting eco-friendly social ventures in various fields.

Wave energy is emerging globally as a clean energy source of the next generation along with solar and wind power. However, it has not been under much spotlight compared to solar or wind power because the conventional off-shore wave energy generation method requires massive costs to install power generation facilities under the sea and submarine cables. Unlike the traditional method, with INGINE’s on-shore technology, power generation facilities can be installed on-shore (on land), therefore cutting down on initial installation and operation costs. This distinctive technology made INGINE become an outstanding player in the field.

INGINE plans to use the investment from KDB as an operating fund to commercialize its wave energy technology and expand business. The company hopes to expand the supply of eco-friendly green energy at home and abroad, and grow into a global leader in wave energy technology field.

CEO of INGINE Sung Yong-jun said, “Despite some setbacks in overseas business during the COVID-19 pandemic, we could come this far thanks to the hard-working employees and investors who trusted our innovative technology and belief.” “We was selected to receive support from the Korean Environmental Industry and Technology Institute (KEITI) so that our project in Indonesia, which is funded by the Green Climate Fund (GCF), can be smoothly executed. We have also started the contract review process of a project in Canada. As our overseas projects are speeding up, we will make our utmost efforts to commercialize wave energy technology based on a stable financial structure.”

Based on its independently developed wave energy technology, INGINE constructed a wave energy plant in Jeju Island and has been conducting test operation here since 2015. In addition, the company is striving to pioneer in the overseas markets by establishing local branches or building partnerships in Vietnam, France, Morocco, Canada, Indonesia, etc.

Furthermore, INGINE aims to go public by 2023. The social venture has appointed Hana Financial Investment as the book runner of its IPO, and plans to further attract investments this year by setting the successful investment of KDB as a stepping stone.

[Photo] 

(Photo 1) Sung Yong-jun, CEO of INGINE Inc.

(Photo 2) INGINE’s wave energy test facility in Jeju Island, South Korea