■ A part of Yuquot Project supported by the Ministry of Natural Resources of the Canadian Federal Government, aiming to change energy source from fossil fuels to wave energy in regions without sufficient power grid

– Perform basic design work before introducing wave power plants in the first half of 2022; start building wave power plants and export facilities from the second half of 2022

■ Facilitate access to electricity for residents who suffer from power shortage in Yuquot area, and expect to create ESG values in the environmental Field with renewable energy generation

■ CEO of INGINE: “We will secure our position as a pioneer in the global wave energy market, and plan to go public before 2023”

INGINE, an environmentally-friendly social venture cultivated by SK Innovation announced on the 2^nd that it has concluded a contract with the Canadian Federal Government to install wave power generation systems in the Yuquot area. This marks the first export agreement by INGINE.

With this contract, INGINE will perform the basic design work for installing wave energy generation systems in the coastal piers in the Yuquot area, Canada by early 2022. From the second half of 2022, the company plans to start building wave power plants and exporting facilities in the Yuquot area through additional contracts.

This agreement was a part of the Yuquot Project supported by the Ministry of Natural Resources of the Canadian Federal Government. Promoted by PRIMED (Pacific Regional Institute for Marine Energy Discovery) and INGINE, this project is featured by the movement to switch the means of power generation from fossil fuels such as diesel to clean energy like wave energy and photovoltaic in the Yuquot region, where power grid is scarce. INGINE takes the role of providing wave generation system in this project.

Located in the western part of Canada, the Yuquot is inhabited by the Mowachaht Muchalaht First Nation tribe, one of the indigenous peoples in Canada. Since the power grid is not well established in this area, local residents have to rely on fossil fuels to create electricity.

This contract will be an opportunity for INGINE to introduce wave generation systems to help Yuquot residents who are experiencing power shortages access to better source of electricity by installing wave power generation facilities. The company expects that its onshore wave energy technology will create ESG value in the environmental field by applying renewable energy power generation method that utilizes wave resources practically.

Compared to the common offshore wave energy technologies, 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.

The company explains, “On-shore wave energy technology is a method that needs only small costs for initial installation and ideal to apply to hinterland such as islands and hamlet villages with weak grid access. This agreement is significant in that it underscores the outstanding technological prowess of our wave generation technology as it was recognized by the Canadian government, one of the leading countries in the environmental field.”

Back in 2019, INGINE’s potential was recognized by SK Innovation. Along with other supports through SK Innovation’s SV² Impact Partnering, an eco-friendly social venture nurturing program, the company also received a KRW 2.5 billion investment from SK Innovation. In November 2019, INGINE established a cooperative tie with SK Innovation in solving environmental problems in Vietnam by joining “Carbon Free Island” project at An Binh Island in Quang Ngai, Vietnam. The project Vietnam was selected as one of the targets supported by the United States Agency for International Development (USAID) in April this year and is now under the Environmental and Social Impact Assessment (ESIA).

INGINE CEO Sung Yong-Jun stated, “Beside Canada and Vietnam projects, we are proactively exploring wave generation projects in France, Morocco, Indonesia, and others. We will secure our position as a global leader in the burgeoning wave generation market.” “INGINE will build and consolidate its stronghold in the global wave generation market and undertake its initial public offering (IPO) by 2030,” CEO Sung added.

In May, INGINE also successfully attracted around KRW 4 billion investment from the Korea Development Bank (KDB) in recognition of its on-shore wave energy technology and the company’s growth potential.

▲ (Left) Panoramic view of the Yuquot area, Canada / (Right) Infine’s wave energy buoy