NEWS
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ECR10 Project Begins in Indonesia
IWES (INGINE Wave Energy Systems Ltd.) and it's consortium finalized the location for a wave energy power plant in Tatar village, Sumbawa Island, West Nusa Tenggara, Indonesia, under the ECR10 (Energy Catalyst Round 10) project last September. The consortium, consisting of IWES, INGINE Inc., PT PLN Indonesia Power, and the University of the Highlands and Islands, was selected as the winner of the ECR10 in December 2023, with the title "An Open-Water Demonstration of the INWave Wave Energy Converter Power Plant." Although there was a delay in finalizing the project site, the consortium received a grant offer letter from Innovate UK, the host organization of the ECR10, on September 25, providing £720,000 out of the total project budget of £1 million. This marks the official launch of the ECR10 project, which aims to complete a commercial-scale wave energy power plant by March 2026.
< Grant Offer Letter from Innovate UK>
The Energy Catalyst program, hosted by Innovate UK, is a UK government-supported initiative aimed at promoting the development of affordable, reliable, and sustainable energy solutions. The program offers funding in multiple rounds, each tailored to support different stages of project development, from early feasibility to prototype demonstration. It provides financial support and technical guidance for projects focused on improving energy access, particularly in sub-Saharan Africa and Southeast Asia. The consortium of IWES and INGINE was selected for the Energy Catalyst program's Round 9 and Round 10, for the early stage and mid-stage, respectively.
Tatar village, the project site on Sumbawa Island, is a remote coastal community with around 1,800 residents. Limited infrastructure and an unstable power supply have hindered local industrial growth. Currently, electricity is supplied from a fossil-fuel-based power plant located over 100 km away and delivered through a 20 kV distribution line that crosses tropical forests. This setup often leads to frequent accidents and maintenance issues, resulting in power outages at least three times a week.
< The planned installation site for 'INWAVE' on Tatar Beach, Sumbawa Island, West Nusa Tenggara, Indonesia >
"Initially, Vietnam, was considered as the ECR10 project location; however, due to internal circumstances within the local government that made prompt progress difficult, Punak Beach on Sumbawa Island in West Nusa Tenggara, Indonesia, was ultimately selected as the final location. This site was designated as the project location in the ECR9 preliminary feasibility study completed in February 2024."
Thanks to INGINE’s strong partnership with PT PLN Indonesia Power, the project location change was promptly approved by Innovate UK. PT PLN Indonesia Power is a subsidiary of PLN, Indonesia's state-owned electricity company, primarily responsible for the operation, maintenance, and construction of power plants across Indonesia and recently it has focused on transitioning towards renewable energy and eco-friendly power generation. They will support the project by assisting with permits, land acquisition, and technical support to ensure its successful execution.
Punak Beach, the selected location for the project, offers ideal conditions for the installation of INWave wave energy system, with potential wave energy reaching up to 19kW per meter. INGINE is preparing to install a 125kW wave power plant in this area, aiming to demonstrate the commercial and environmental viability of wave energy technology, leveraging the strong local wave conditions.
Recently, the Indonesian government announced an ambitious plan to raise its renewable energy target from 34% to 44% by 2030 and achieve net-zero carbon emissions in the power sector by 2050. With this strong government commitment to energy transition, INGINE representatives anticipate that the success of this wave energy project, targeted for completion in 2026, could pave the way for further expansion throughout Indonesia and into neighboring countries.
Daniel Yong-Jun Sung, founder and CEO of INGINE Inc. commented, “This project will be a key case for contributing to the EU's marine energy goals of 1GW of installaed capacity by 2030 and 40GW by 2050. It will also serve as an important catalyst for PT PLN Indonesia Power’s efforts to bring wave energy to Indonesia."
2024.10.18
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Recognized as a Green Economic Activity Enterprise in FY2023 K-Taxonomy Compliance Assessment
In the K-Taxonomy compliance
assessment report conducted last April, Ingine Inc. was recognized as a green economic
activity enterprise in terms of revenue, capital expenditure (CapEx), and
operating expenses (OpEx) for FY2023.
Ingine Inc. categorized all its business activities into green economic activities, brown economic activities, and other economic activities, and calculated its financial performance according to the K-Taxonomy. The assessment revealed that out of 15 economic activities, six, including the company's main businesses of wave power generation and bio-renewable polyol manufacturing, as well as other services conducted in 2023, met all the criteria for recognition as green economic activities.
K-Taxonomy (Korean Green Classification System) was announced by the Korean government in December 2021 to prevent greenwashing and direct green funds to green projects or technologies by providing clear criteria for green economic activities. Through this compliance assessment, financial institutions and investors can identify a company's green economic activities and use this information to evaluate the green ratio of their financial and investment portfolios. K-Taxonomy is expected to effectively link investment and finance with green economic activities, contributing to the achievement of carbon neutrality and sustainable development goals.
< Report by BNZ Partners >
BNZ Partners, the author of this report, is a specialized institution founded in 2019 by experts in sustainability, environment, climate change policies, and financial services. The firm has recently participated in multiple phases of the government's K-Taxonomy formulation and revision processes.
2024.05.16
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INGINE to get UK government subsidy for wave power project
The consortium, led by INGINE and INGINE
Wave Energy Systems Ltd. (IWES), has secured a subsidy from the UK government
once more, making it onto Innovate UK’s Energy Catalyst Round 10 list.
The Energy Catalyst's core aim is to
champion sustainable energy solutions, reducing reliance on fossil fuels in
targeted regions—an objective perfectly aligned with INGINE's mission. Under
the program, Innovate UK has subsidized a total of 160 million pounds (264.8
billion won) for more than 320 overseas projects from 46 countries.
INGINE Wave Energy Test Plant in JeJu Island
This funding, amounting to £720,000 of a
total £1 million, will drive the establishment of a wave-power station on An
Binh Island in Quang Ngai Province, Vietnam. “I am very
happy to help those who desperately need electricity with our next-generation
wave power technology,” said INGINE CEO Sung Yong-jun. “This will surely be a
cornerstone for wave power’s commercialization.”
Moreover, this success follows our previous
accomplishment in securing a £155,000 subsidy under Innovate UK’s Energy
Catalyst Round 9, paving the way for IWES and INGINE to initiate another green
energy venture in Indonesia. Thanks to the massive support from Energy
Catalyst (an Innovate UK programme), our path towards commercializing onshore
wave power in Vietnam and Indonesia is poised to commence soon."
2023.12.21
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Selected as a member of the 'Greeners League 2030'
We were selected as a member of the
'Greeners League 2030,' organized by NIGT (National Institute of Green
Technology)and
participated in the launch ceremony on July 20th.
The 'Greeners League 2030' is an alliance
launched by NIGT to support climate tech startups to enter overseas market and
develop export sales and aims to create a mutually beneficial and friendly
network among climate tech companies with the goal of achieving the National Greenhouse
Gas Reduction Target (NDC 2030).
The launchceremony
was attended by ten climate tech companies, including INGINE, GREENers,
GREENEPLE, ENVELOPS, Nuvilab, Eldicarbon, SOLARTEC, Shinhan A-Tec, and SDKLAB which
were selected after evaluations by experts in various fields such as venture
capital, ESG, and startup consulting.
INGINE became a member of the 'Greeners
League 2030' to actively participate in domestic and international ODA
(Official Development Assistance) projects to provide affordable and
sustainable energy systems to areas with weak power supply through the
development of unique wave power generation technology and energy storage
device.
“We will support the transfer of green
technologies to developing countries through technology-finance linkages with
domestic and foreign ODA projects and Multilateral Development Banks (MDBs),”
said Song Jae-ryung, director of the Center for External Policy Cooperation at NIGT. He then
added that "In terms of developed country orientation, we will
encourage participation in various European R&D programs to serve as a
bridgehead for the birth of a 'Korean climate tech unicorn.'.”
2023.07.25
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Visit Vietnam As a Selected Delegate for Energy Catalyst
INGINE Wave Energy Systems (UK subsidiary of
INGENE), as a UK innovation technology provider, was selected as
a delegate in the Energy Catalyst Brokerage Visits to Vietnam from 24th February to
4th March 2023, attending meetings with the Ministry of Industry and Trade
& the Ministry of Planning and Investment, Vietnam. Following this the
delegation attended receptions at the British Ambassador's Residence in Hanoi
and the British General Consulate in Ho Chi Minh City.
Lee Sung-won, head of NGINE Wave Energy Systems pitched in a reception at the British Ambassador's Residence in Hanoi Vietnam,
networking with diverse clean energy industries, BritCham members, and potential local partners.
Innovate UK run Brokerage Visits
for UK businesses to understand the country’s market, challenges, and
opportunities for the Energy Catalyst Funding programme. INGINE Wave Energy Systems Ltd as the selected
delegate, have opportunity to visit Indonesia, Nigeria and Vietnam,
meeting with local potential partners and other stakeholders benefiting from
our technology.
2023.03.15
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Selected as the winner of Energy Catalyst Round 9
INGINE is honored to be selected as the winner of ECR9 (Energy Catalyst Round 9).
ECR9 is operated by Innovate UK, a UK government innovation agency and it has selected the consortium formed by INGINE and its UK subsidiary IWES (INGINE Wave Energy Systems), University of Highlands and Islands (UHI), and PT Indonesia Power (PTIP) for a wave energy project in Indonesia.
ECR is one of the best selection programs in the clean energy sector, and since 2014, it has worked with more than 200 developing country partners to support more than 750 energy innovation companies.
With this support, INGINE Consortium will focus on the feasibility study of the wave energy project in Indonesia's eastern Nusa Tengara region and the design of the initial power plant.
>> A panoramic view of East Nusa Tenggara in 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.
2022.12.10
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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
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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
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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
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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
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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
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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
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The Top 10 winner of the 2021 Impact Collective Accelerator Program
We are pleased to announce that INGINE Inc. has been named the final Top 10 at Impact Collective 2021 a community-driven global accelerator program for impact-driven startups and co-hosted with UNDP and its Youth Co:Lab programme.
The 2021 program was launched last August and had received over 400 entries from 39 countries. As part of program, a Demo Day took place on November 8-10 and the 45 teams presented their final pitch to a group of investors, seasoned entrepreneurs, ecosystem builders, policymakers, and Community Voters from the Impact Collective Community.
The top 10 teams received a total of USD 500K from the Impact Collective fund to scale up their ground-breaking solutions and accelerate the achievement of SDGs in the region.
The top 10 companies with the most votes are:
INGINE (Korea) - Develops wave energy solutions that can replace conventional, polluting sources of energy in remote islands and coastal areas
Mayani (Philippines) – Farm-to-table digital platform empowering the lives of smallholder farmers by directly connecting the community to consumers and retailers
Moreloop (Moreloop) – Digital platform connecting fabric factories to collect and resell high-quality and re-processed industrial fashion waste
Onnow (Bangladesh) - Impact-driven internet restaurant platform that utilizes technology, virtual menu concepts, and digital branding to help small and medium-sized restaurants
Ooca (Thailand) - Telemental health platform available on mobile and web apps, that provides virtual counseling services by mental health professionals in Thailand
PillTech (Cambodia) - Online pharmaceutical marketplace where pharmacists can purchase medications in a safe and legal way
The Green Collective (Singapore) - Provides a Retail-as-a-Service (RaaS) model to sustainable D2C brands
CarbonClick (New Zealand) - Provides technology solutions that enable businesses to measure, reduce and offset carbon footprints in a simple, and transparent way
HandyMama (Bangladesh) - On-demand home service platform where users are connected to trained and verified service providers such as professional cleaners
Happy Grocers (Thailand) - D2C online marketplace and popup markets for sustainably grown agricultural products
Click here to see Demo Day Clip>>
2021.01.10
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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
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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
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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
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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
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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
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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
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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