NEWS

 Corporate Brand Reorganization

Corporate Brand Reorganization

INGINE Inc. which celebrated its 10th anniversary this year, has reorganized its corporate brand to become a sustainable company pursuing energy, environment, and life.     To deliver the new vision to customers and communities, the new corporate brand represents four-line waves of sustainable companies moving toward a future of energy convergence and better growth. Green Line Wave embodies energy technology for a sustainable tomorrow, and Yellow, Magenta, and Blue Line embodies the three core values of INGINE: Challenge Yourself, Love Neighbors, and Do Right Things Right   < Core Values >   INGINE's new logo type is the INGINE wave font developed by INGINE, which expresses the smooth communication of technology and nature, trust, and emotion in a modern way. You can download INGINE Wave Font from the brand story page of the INGINE website for free. 

2022.10.19

Korea Venture Investment Corp (KVIC): Successfully attracted R&D matching fund

Korea Venture Investment Corp (KVIC): Successfully attracted R&D matching fund

INGINE succeeded in attracting 2 billion won in investment from Korea Venture Investment Corp (KVIC) in March 2022.  The R&D matching fund is a matching investment in which KVIC co-invests alongside institutional investors. The purpose of this investment is to assist companies to commercialize their technology. This investment served as an opportunity to reaffirm INGINE's technological achievements and it is expected that the secured funds will be used to upgrade technologies such as strengthening R&D capabilities and expanding patents. INGINE's CFO, Keyyoung Lee asserted that "As a renewable energy company, INGINE will strive to create a sustainable earth through wave energy power generation and other energy related businesses."

2022.04.04

Enters Agency Agreement for Wave Energy Project Development in Taiwan

Enters Agency Agreement for Wave Energy Project Development in Taiwan

On March 15, 2022, INGINE entered an Agency Agreement with SINOTRADE, a company directed by Mr. Vincent Pradier (Chairman and Managing Director), for wave energy project development in Taiwan (RoC). As such, SINOTRADE will be INGINE’s wave energy business representative in Taiwan and will be mobilizing mutual resources and network to promote the deployment of INGINE’s WEC technology in the territory. In this endeavor, major stakeholders will include the Taiwan Power Company (TPC), local and national government including Taiwan’s Ministry of Economic Affairs’ Bureau of Energy, as well as selected Taiwanese harbors operated by the Taiwan International Ports Corporation (TIPC) INGINE’s Business Development Director Mr. Dae Hyun KIM has expressed the company’s enthusiasm about this new partnership: “Currently, there is growing momentum in Taiwan to enable the development of marine renewable energy beyond offshore wind energy: the public, private and academic sectors are coming together to enable the energy transition in all its forms, developing domestic expertise as well as outsourcing technology when necessary. Mr. Pradier has demonstrated that he is actively involved at the heart of these dynamics, and our teams at INGINE believe that our shared determination can accelerate wave energy commercialization in Taiwan.”

2022.03.18

Ranks 9th Globally in 'ESG & Carbon Reduction Innovation with Marine Energy' (FORBES KOREA)

Ranks 9th Globally in 'ESG & Carbon Reduction Innovation with Marine Energy' (FORBES KOREA)

Last month, INGINE was ranked 9th globally and 2nd in Korea for marine energy in Forbes Korea’s ‘Top 20 innovative companies/organizations in ESG & carbon reduction’ ranking. Other Top 20 organizations involved in marine energy included the Chinese government in 1st place and Zhejiang Ocean University in 2nd place. Beside INGINE, Korean companies and institutions that were ranked included the Korea Institute of Ocean Science and Technology placing 6th, Samsung Heavy Industries in 11th place, the Korea Institute of Energy Research in 16th place, and the South Korean government in 17th place.   Forbes Korea’s ranking methodology included the calculation of the carbon reduction effect index of companies and organizations in Korea. Data was sourced from Japanese intellectual property rights firm Asta Muse’s database, which includes approximately 700 million IP articles. The carbon reduction effect index, which assesses the competitiveness of organizations’ decarbonizing technologies, is actively used in Japanese policymaking as well as by international companies for carbon reduction monitoring and reporting. INGINE gaining recognition in the innovative carbon reduction sector can be attributed to the company’s global intellectual property efforts, including one of its main patents for a ‘Power converting apparatus’. This is the technology that transforms irregular and occasional kinetic energy from ocean waves into linear energy by spinning the output booster rod. This increases generation efficiency by using accumulated energy in moments when the floating device cannot absorb enough from waves. For more information, please refer to Forbes Korea – issue No. 202111 (Oct. 23, 2021), or to the ‘global and Korean Top 20 innovative companies/organizations in ESG & carbon reduction’ column in the Joongang Sisa Magazine.

2021.11.10

INGINE Deal with Muchalaht First Nation to Prepare the Installation of Wave Energy Converter

INGINE Deal with Muchalaht First Nation to Prepare the Installation of Wave Energy Converter

South Korean wave energy developer INGINE is delighted to announce the recent signature of a two-party contract for the detailed engineering design of an onshore wave energy system in Yuquot, Canada. The project proponent and other party to the contract is the Mowachaht Muchalaht First Nation (MMFN), supported by the Federal Government of Canada. The contract has symbolic significance to INGINE as a Korean wave energy developer being recognized for its excellence in Canada, together with prestigious local partners. The Yuquot Wave Project is led by a consortium of parties under the Department of Natural Resources of Canada. Beside MMFN and INGINE, the project team includes the Pacific Regional Institute for Marine Energy Discovery (PRIMED) at the University of Victoria, the Barkley Project Group (BPG) as well as EDI Environmental Dynamics Inc.    The onshore nature of INGINE’s wave energy converter, the INWaveTM, makes it well suited for remote areas such as Vancouver Island in western Canada. The Yuquot area does not have access to the central power grid and currently depends on diesel generators for its electricity supply. The Yuquot Wave Project aims to increase community access to renewable, locally sourced clean energy and decrease reliance on fossil fuels. It will contribute to producing environmental, social, and governance (ESG) best practice for wave energy projects in off-grid INGINE’s technology is receiving interest as a key solution to enable the energy transition in other remote areas globally, such as Ly Son Island in Vietnam’s Quang Ngai Province. In November 2019, the company signed a contract with energy group SK Innovation to take part in Vietnam’s Zero Carbon Island Initiative, a multi-stakeholder ESG project. The wave energy project in Ly Son Island is progressing based on this contract and financial support from SK Innovation. In April 2021, the Ly Son project was selected to receive technical assistance from the United States Agency for International Development (USAID) for an Environmental and Social Impact Assessment (ESIA). Find out more on the project website: yuquotwave-bpg.hub.arcgis.com

2021.08.03

INGINE Receives USAID Support to Faciliate the Deployment of Its Wave Energy Power Plant in Vietnam

INGINE Receives USAID Support to Faciliate the Deployment of Its Wave Energy Power Plant in Vietnam

INGINE, a wave power generation system developer, is receiving support from the United States Agency for International Development (USAID) to advance its future wave power plant in Vietnam. USAID’s Vietnam Mission, through the USAID INVEST initiative, seeks to explore and facilitate private investments in the renewable energy sector. On April 29th, 2021, Ingine Pacific and DAI Global, which implements USAID INVEST, signed a memorandum of understanding to advance the wave power plant.   After a competitive evaluation process, Ingine Pacific, the Vietnamese subsidiary of INGINE, was selected to receive support through USAID INVEST for an Environmental and Social Impact Assessment (ESIA) for INGINE’s wave power plant in Ly Son, Quang Ngai starting in the third quarter of 2021. This support will also include a learning report and gap analysis between Vietnamese environmental law and international ESIA standards. This research will assist INGINE and other developers in understanding the application of international standards for the benefit of wave energy project development in Vietnam. INGINE’s upcoming wave power plant in Vietnam is part of a five-party memorandum of understanding among INGINE, Quang Ngai People’s Committee, SK Innovation, Doosan Vina and VinGroup, which is designed to make the province’s island carbon-free using eco-friendly technologies. Vietnam boasts 3,000 km of coastlines and more than 3,000 islands and archipelagos, making wave power a prime energy source for the country’s energy transition. In addition, wave energy conversion is one of the technologies prioritized for development investment and hi-tech products based on Decision No.38/2020/QD-TTg signed by the Prime Minister of Vietnam on December 30th, 2020 and effective since February 15th, 2021. With the support of USAID, INGINE’s wave power project will give a boost to the promising future of wave energy in Vietnam.    For further reference: Wave Energy Could Power Vietnam’s Islands, But Start-Ups Need USAID’s Help    More information about Eco-friendly MOU in Vietnam   

2021.06.01

INGINE: “EARTH” WINNER OF TECH4GOOD SUMMIT 2021

INGINE: “EARTH” WINNER OF TECH4GOOD SUMMIT 2021

On May 12, 2021, INGINE was announced winner of the Tech4Earth category at the Tech4Good Summit 2021, jointly organized by La FrenchTech Seoul and the French Korean Chamber of Commerce and Industry (FKCCI).   Tech4Earth category entries ranged from responsible consumption & production, clean air & water, food health & security, sustainable & accessible energy, biodiversity preservation, smart & sustainable cities, green mobility, and climate change. Throughout the summit, INGINE had the opportunity to showcase its flagship innovation: the INWaveTM , an onshore-type Wave Energy Converter (WEC), a solution to mitigate GHG emissions by replacing fossil fuels or providing additional energy supply using wave energy. The technology’s ability to collect energy from the entire range of wave movements enables its application in shallow coastal waters. INGINE aims to take over from conventional, polluting sources of energy in remote islands and coastal areas, starting with the replacement of costly diesel generators. The Tech4Earth award includes exclusive market exploration support and a visibility package from La FrenchTech and the FKCCI. This prize will facilitate INGINE’s plan to expand to France. INGINE sends its sincere appreciation to the organizers and its heartfelt congratulations to the Tech4Society category winner, Alchera. INGINE’s teams look forward to kickstart collaborative activities with La FrenchTech and the FKCCI.     For more information click here>>  

2022.05.18

INGINE ATTRACTS 4B KOREAN WON IN INVESTMENT FROM THE KOREA DEVELOPMENT BANK (KDB)

INGINE ATTRACTS 4B KOREAN WON IN INVESTMENT FROM THE KOREA DEVELOPMENT BANK (KDB)

South Korea’s state lender Korea Development Bank (KDB) invested 4(four) billion Korean won in wave power generation system developer INGINE Inc. INGINE plans to utilize the money as operating funds to commercialize wave power generation and expand its business. In 2015, INGINE built a demonstration plant on Jeju island with its self-developed wave power generation technology. The company is currently focusing on expanding its business to overseas markets by establishing local corporations and partnerships in countries such as Vietnam, France, Morocco, Canada, Indonesia and beyond. “Despite numerous setbacks in promoting overseas business plans due to COVID-19 last year, all employees and staff have made tireless efforts and investors have showed their trust in INGINE’s innovative technology and determination,” said INGINE CEO Sung Young-jun. “Thanks to those efforts, we’re seeing progress in overseas markets. Our wave power generation project in Indonesia was selected by the Korea Environmental & Industry Technology Institute (KEITI) to receive support in applying to GCF’s (Green Climate Fund) project preparation facility . In parallel, we have started reviewing the contract for a project in Canada. Building on our robust financial structure, we will spare no effort to promote the commercialization of wave power generation.” For offshore power plants, installing transmission cables in the deep sea requires considerable costs. However, INGINE’s proprietary onshore wave power technology allows for significant cost savings during the installation and operation phases. This advantage is due to power generating facilities being built on land. Recognized for its economic feasibility and social value, INGINE received a 2.5 billion won investment from SK Innovation in 2019. In 2020, INGINE selected Hana Financial Investment as its underwriter for a planned IPO in 2023. With KDB’s support, the company plans to attract follow-up investment this year.

2021.05.12

KOREA ENVIRONMENTAL INDUSTRY & TECHNOLOGY INSTITUTE BACKS INGINE IN INDONESIA PROJECT DEVELOPMENT

KOREA ENVIRONMENTAL INDUSTRY & TECHNOLOGY INSTITUTE BACKS INGINE IN INDONESIA PROJECT DEVELOPMENT

On March 12, 2021, INGINE was selected to receive financial support from the Korea Environmental Industry & Technology Institute (KEITI) to strengthen Indonesia project development and facilitate Green Climate Fund (GCF) financing. INGINE has been developing a 10MW Sustainable Wave Energy project in Indonesia since August 2018, working with Indonesian and Korean stakeholders to apply for the Project Preparation Facility (PPF) of the Green Climate Fund (GCF). Indonesia, as the world’s largest archipelago with more than 17,500 islands, is ideally suited for the deployment of wave energy. Threatened by global warming, the country is also one of the world’s largest greenhouse gas (GHG) emitters. The Indonesian climate change response includes the development of alternative renewable energy sources in order to reach the Nationally Determined Contribution (NDC) to emissions reduction. Over the past two years, significant survey and screening work has been conducted by INGINE teams and our partners, centered around potential deployment in Nusa Penida, southeast of Bali province. The island is currently constrained by its isolated, diesel-dependent energy supply and growing electricity demand due to economic growth and tourism. The proposed Sustainable Wave Energy project is set to have positive environmental and socio-economic impact on local communities. The awarding of financial support from the Korea Environmental Industry & Technology Institute (KEITI) comes in acknowledgement of project development efforts up to now, including continuous stakeholder engagement. Such engagement has led to milestones like the release of the Non-Objection Letter from the Indonesian Ministry of Finance in Q4 of 2019, and of a Letter of Intent from PT Indonesia Power in November 2020. INGINE was also highly evaluated in terms of technological innovation, paradigm shift potential and climate rationale. Through KEITI’s support program and over the next five months, additional site investigation will be conducted in Indonesia, while consultations with project stakeholders will intensify. As a result, a strengthened PPF proposal will be submitted to GCF with improved chances of success. In case of selection to benefit from the Project Preparation Facility, a full-blown feasibility study will be conducted, covering all aspects of the project from technical and regulatory processes to high standards of environmental and social impact assessment.

2021.03.15

INGINE PACIFIC SELECTED AS A MEMBER OF VIETNAM ENERGY ACCELERATOR PROGRAM 2020

INGINE PACIFIC SELECTED AS A MEMBER OF VIETNAM ENERGY ACCELERATOR PROGRAM 2020

We are excited to announce that INGINE Pacific has been selected as a member of the Vietnam Energy Accelerator Program 2020. This is a 4-month program (from September 2020 to January 2021) organized by New Energy Nexus. By being a part of it, we hope that we can get valuable consultation from experts as well as opportunities to do pilot projects with potential customers to expand our business in Vietnam and in other Asia-Pacific countries.

2020.09.15

INGINE HAS FORMED A BUSINESS PARTNERSHIP WITH THE MOROCCAN STATE-RUN COMPANY MASEN

INGINE HAS FORMED A BUSINESS PARTNERSHIP WITH THE MOROCCAN STATE-RUN COMPANY MASEN

INGINE has formed a business partnership with the Moroccan Agency for Sustainable Energy (MASEN) on wave-power generation. Lee Sung-won, head of INGINE’s London office ― registered as INGINE Wave Energy Systems Ltd ― and his MASEN counterpart Mustapha Bakkoury struck the deal on Jan. 21 at the U.K.-Morocco Business Dialogue in London. Among nearly 200 companies invited, INGINE was the only eco-friendly power generation company that formally clinched a deal with MASEN during the event, which the U.K government hosted to bolster its economy and international trade before Brexit. INGINE believes the deal will help expand its wave-power generation business in Europe and Africa. For more Information >>

2020.02.06

ECO-FRIENDLY MOU IN VIETNAM: INGINE, SK, DOOSAN, VINGROUP AND QUANG NGAI GOVERNMENT

ECO-FRIENDLY MOU IN VIETNAM: INGINE, SK, DOOSAN, VINGROUP AND QUANG NGAI GOVERNMENT

On November 14th, INGINE Inc. joined hands with SK Innovation, a leading energy company in Korea, as well as with Doosan Heavy Industries & Construction, another leading Korean company with expertise in environmentally friendly desalination plants. These Korean parties signed a Memorandum of Understanding this Thursday with VinGroup, one of Vietnam’s largest conglomerates, as well as with the government of Quảng Ngãi Province, in order to create and spread eco-friendly values in Vietnam. The 5-party MoU was signed at the headquarters of the Vietnamese provincial government in Quảng Ngãi. The official ceremony was attended by several officials and the main topic of discussion was the development of solutions to Vietnam’s environment problems. Through this MoU, Korean and Vietnamese companies plan to supply various eco-friendly technologies to An Binh Island, which is under the jurisdiction of Quảng Ngãi Province, in order to turn it into a ‘Carbon Free Island’. An Binh is a small island of 69 hectares with a population of 500 people, roughly the size of the Jung District in Seoul. Due to isolation from the mainland, An Binh inhabitants had difficulties with their water supply being from rainwater alone. However, in 2012, Doosan Heavy Industries & Construction donated a desalination facility through CSR to improve residents’ quality of life. Under the recent MoU, INGINE will participate to this cause as a technology supplier in order to reduce demand for diesel power, the island’s main power source up to now, and replace it with sustainable and renewable wave energy. As INGINE’s technology is appropriate and competitive for the supply of electricity to small islands, and with the support of its MoU partners, the company will install a 50 to 100kW wave power plant on An Binh island by 2020, in order to support the island’s power supply and struggle against environmental issues. Beyond the island, INGINE encourages the vision of wave power as the third renewable energy solution (following wind and solar power) for Vietnam, thanks to the country’s 3,400km long coastline and wave potential. Jee Dongseob, head of Design-Build-Lease (DBL) projects at SK Innovation, has declared: “We will do our best to create an eco-friendly industrial ecosystem across Quảng Ngãi beyond An Binh Island, and to play a central role in Vietnam’s transformation into an eco-friendly technology country”.

2019.11.16

SIGNED AN AGREEMENT WITH SK INNOVATION FOR THE “SV² IMPACT PARTNERING” PROGRAM

SIGNED AN AGREEMENT WITH SK INNOVATION FOR THE “SV² IMPACT PARTNERING” PROGRAM

On June 11th, we signed an agreement with SK Innovation for the “SV² Impact Partnering” program. The meaning of the designation “SV² Impact Partnering” is the creation of the square value of social value (SV) and the impact collaboration with a social venture (SV). From now on, we will be able to receive direct pro bono support from SK innovation in the fields of finance, legislation, public relation, research and development etc. In addition, not only will SK Innovation employees promote investment in crowdfunding (later June ~ early July), but they will also contribute to building the future of our joint business partnership.    

2019.06.25

INGINE, NAMED INNO-BIZ CERTIFIED COMPANY

INGINE, NAMED INNO-BIZ CERTIFIED COMPANY

INGINE has obtained Inno-Biz certification from the Small and Medium Venture Business Department. Inno-Biz is a combination of Innovation and Business, which refers to small and medium companies with market-leading innovation technologies, and is a system in which small and medium-sized companies with technological competitiveness and potential for future growth are developed as globally competitive innovators through government support measures such as funding, technology, and sales.

2018.10.12

RECEIVED THE MERIT AWARD FOR STARTUPS PROMOTION FROM THE MINISTRY OF SMES AND STARTUPS

RECEIVED THE MERIT AWARD FOR STARTUPS PROMOTION FROM THE MINISTRY OF SMES AND STARTUPS

  Yong-jun Sung, CEO of INGINE, has received the merit award for Startups Promotion from the Ministry of SMEs and Startups. The award is for the promotion of venture founders who contributed to national economic development and job creation.

2017.11.30

SELECTED AS GLOBAL STAR VENTURES R&D PROJECTS

SELECTED AS GLOBAL STAR VENTURES R&D PROJECTS

The ‘Global Star Venture R&D Project’, which is implemented by the Small & Medium Business Corporation, selects and supports technology development projects that are highly likely to succeed in global markets such as attracting foreign investment, global M&A, and IPO. It was selected as a company that invested in excellent venture capital and a company recommended by region. INGINE was selected as a wave power generation R&D project.

2017.06.20

SELECTED AS “CLIMATE TECHNOLOGY LOCALIZATION SUPPORT PROJECT”

SELECTED AS “CLIMATE TECHNOLOGY LOCALIZATION SUPPORT PROJECT”

It is a project implemented by the MSIP(Ministry of Science, ICT and Future Planning) and the GTC(Green Technology Center). It is a project to support the advancement of the Korean climate technology industry in order to respond to the demand for climate technology support in developing countries and to lay the groundwork for Korea’s implementation of greenhouse gas reduction. INGINE was selected as an “Empirical Project for Supply / Expansion of Wave Power in Indonesia” in “2017 Climate Technology Localization Support Project”.

2017.05.01

SIGNED MOU WITH KOREA GREEN ENERGY RESEARCH INSTITUTE FOR RESEARCH ON WAVE POWER GENERATION

SIGNED MOU WITH KOREA GREEN ENERGY RESEARCH INSTITUTE FOR RESEARCH ON WAVE POWER GENERATION

On March 30, INGINE signed MOU with “Green Energy Research Institute” to demonstrate mutual cooperation in wave power generation technology. Jeollanam-do has many beautiful islands, but about 70 of the 257 inhabitants have not been able to receive electricity from the land, so they are supplying more than 13 million liters of diesel fuel per year*. We will accelerate the realization of Jeonnam’s energy-independent island and carbon-free island by adding the insight of the wave power generation solution of INGINE and Korea’s only research institute of renewable energy, Green Energy Research Institute. * Source: KEPCO disclosure data (2015 settlement)  

2017.03.30

IWES (INGINE UK COPORATION), UK GREEN LIGHT COMPANY RECOGNITION

IWES (INGINE UK COPORATION), UK GREEN LIGHT COMPANY RECOGNITION

  On January 18, INGINE Wave Energy System (IWES) was awarded a Green Light Letter from the UK Department of International Trade (DIT). IWES has been officially registered in the Global Entrepreneurs Program (GEP), an official support program. Through the support from the UK government and support for various human networks, IWES has been able to introduce customers, provide cooperation, and provide various kinds of information.

2017.01.18

2016 SEOUL SCIENCE AND TECHNOLOGY FORUM ATTENDED

2016 SEOUL SCIENCE AND TECHNOLOGY FORUM ATTENDED

The Korea Institute of Science and Technology (KIST) held the “2016 Seoul S & T Forum” at the The Plaza Hotel, Seoul, October 27-28. The theme was ‘Science, Technology & Innovation for a Better Life’, attended by 250 global leaders from 44 countries. In this forum, three sessions were held under the theme of “New Direction of Public Research Institutions”, “Mutual Growth through Science and Technology Innovation ODA” and “Our Challenge for Strengthening Climate Technology Cooperation”. On the second day of the ceremony, we invited science and technology diplomats from developing countries in Korea, shared the Korea’s climate technology cooperation policy with the results of cooperation with developing countries, and discussed ways to strengthen cooperation between Korea and developing countries in climate technology. INGINE introduced wave power generation. The theme is ‘INWave – A Simple, Scalable, and Sustainable WEC Solution!’. With its simple technology, it can be cost-effective, scalable from small projects to large-scale energy farms, and sustainable by inducing local industries, INWave will be the most suitable energy solution for developing countries.  

2016.10.28

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