NEWS

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

ESTABLISHED INGINE WAVE ENERGY SYSTEMS LTD. (IWES) IN UK

ESTABLISHED INGINE WAVE ENERGY SYSTEMS LTD. (IWES) IN UK

On September 22, 2016, IWES (INGINE Wave Energy Systems Ltd.), a UK subsidiary, was established. The UK is a market that has the same position as the main power of wave power generation. It has market preemption in the UK and is expected to have a big impact on global marketing. In addition, the CFD (Contract for Difference) system that purchases wave power generation power at the highest price in the world and the abundant wave resources have the best environment to do the power generation business (IPP) as a secondary resource. IWES recruited Lee Seong-won, who has 15 years of business experience in the UK, and Edward Davis, former Secretary of Energy for the UK, as Chairman, building the foundation for the UK’s wave power generation business.

2016.09.22

INSTALL INGINE SIGN IN BUKCHON POWER PLANT OF JEJU

INSTALL INGINE SIGN IN BUKCHON POWER PLANT OF JEJU

  INGINE Sign is installed in Bukchon wave power plant of Jeju. As the on-shore wave power plant, the name of the proud INGINE has been taken to the world’s first Bukchon power station in Jeju.

2016.09.09

COLLABORATED WITH IRELAND ESB, LEADING THE WESTWAVE PROJECT

COLLABORATED WITH IRELAND ESB, LEADING THE WESTWAVE PROJECT

  On September 2, the first meeting with the ESB was at the ESB office in Ireland. The ESB is a leader in the WestWave Project as a leader in the development of the commercial wave energy market in the vigorous support of the Irish government, including a € 23 million fund from the European Union. First, ESB’s WestWave Project was introduced, followed by INWave know-how, which is the core of INGINE power generation technology, the current status of Jeju Bukchon wave power generation, and the news of the opening up in Asia and Europe, and the technical achievement (TRL) I got a high score. After the signing of the NDA, we will be able to show our competence as a Technology Providing Partner of the WestWave Project through full-scale technical review.

2016.09.02

2016 CREATIVE ECONOMY INNOVATION CENTER FESTIVAL PARTICIPATED AUGUST 26, 2016

2016 CREATIVE ECONOMY INNOVATION CENTER FESTIVAL PARTICIPATED AUGUST 26, 2016

  At the festival, we gathered together at the Creative Economic Innovation Center throughout the country, where we have fostered entrepreneurship and specialized in regional projects. INGINE received the Prime Minister’s Prize in the Grand Prize of the Creative Economy in 2014 and was invited to this event. At INGINE’s booth, the power conversion model introduced at the “300-second competition” of the 2014 creative economy event was displayed again, attracting the attention of many visitors.

2016.08.26

KICK-OFF & TECHNOLOGY MEETING WITH UK EMEC

KICK-OFF & TECHNOLOGY MEETING WITH UK EMEC

  For 2 days starting on August 2, we had a kick-off and technology meeting for installing INGINE’s onshore wave-power generator facilities with UK EMEC (European Marine Energy Center). 1. Drew installation area/method 2. Clarified work scope 3. Established milestones EMEC (European Marine Energy Center) has the highest authority of all ocean energy sites.

2016.08.04

MEETING WITH WELLO OY JULY 5, 2016

MEETING WITH WELLO OY JULY 5, 2016

  On July 5, INGINE was invited to a meeting with Wello Oy at the EU Gateway Green Energy Technology Exhibition held in the Intercontinental hotel of COEX. Wello Oy, a wave-power generation company in Finland, demonstrated the Penguin WEC Technology, a self-wave power generator, at EMEC and the Wave Hub in the UK. Penguin WEC is an offshore type of wave-power generation that requires 50m depth of water. The two companies agreed to cooperate with each other through mutual marketing of onshore and offshore types and decided to continue mutual exchange of information.

2016.07.05

SIGNED MOU FOR FACILITY ORDERS IN NORMANDY, FRANCE JUNE 2, 2016

SIGNED MOU FOR FACILITY ORDERS IN NORMANDY, FRANCE JUNE 2, 2016

On June 2, INGINE participated in the Korea-France Business Partnership, a French economic affair event held in Paris, France. Europe is the birthplace of wave-power generation technology, and the market environment is good. Therefore, INGINE was thinking about expanding business to Europe. This event gave us a chance to focus on various and necessary consultations. In particular, the Normandy representative showed a lot of interest, especially since Normandy has a very good location to apply for INGINE’s wave-power generator. Through consultation with the State Council, several sites, including Cherbourg, were recommended as installation locations, and INGINE decided to report feasibility studies and test installations. Through KOTRA, INGINE was introduced to a partner to undertake this project. And INGINE signed an MOU for facility orders in Normandy, France.

2016.06.02

SUCCESSFUL CROWDFUNDING OF INGINE

SUCCESSFUL CROWDFUNDING OF INGINE

INGINE was successful in investing model crowdfunding in April 2016. In February 2016, INGINE challenged investing model crowdfunding through the WADIZ website to promote corporate value and stimulate inducement of investment. A project called “Wave Energy, Think Environment” attracted 470 million won from 233 investors. On the first day of the crowdfunding event on February 25, 80 million won was raised, and the target amount of 300 million won was raised before the event ended. Not only INGINE, but everyone involved in the project was surprised by the interest of investors. Since the target amount was raised two weeks before the event ended, INGINE raised the target amount to 400 million won to give investors an opportunity to further invest. A total of 476 million won was raised. Due to the fact that the shares were allocated to the target amount, the actual shares closed at 450 million won. During the fundraiser, many people showed interest in investing in INGINE, and what was really surprising was that the investors’ questions were quite technical. We felt that we gained strong support from the stockholders who showed interest in INGINE’s business. From now on, INGINE will do business with greater responsibility.

2016.04.18

SIGNED INDONESIAN TECHNOLOGY AGREEMENT MOU WITH KOREAN MAJOR COMPANY

SIGNED INDONESIAN TECHNOLOGY AGREEMENT MOU WITH KOREAN MAJOR COMPANY

On January 25, INGINE signed an MOU to promote a joint enterprise for an Indonesian wave-power generator with a major Korean company. Indonesia consists of more than 10,000 islands and has many areas equipped with electricity. Therefore, the Indonesian government is actively pursuing measures to expand the momentum of the renewable energy industry and expand its weight from 6% in 2015 to 23% in 2025. In particular, as they have the best location to promote the wave-power generator, INGINE has been reviewing plans to enter into business with a major Korean company since 2015. By signing the MOU, INGINE is able to visualize the project.

2016.01.25

INVESTMENT ATTRACTION FROM THE SMALL & MEDIUM BUSINESS ADMINISTRATION AND KOREA CREDIT GUARANTEE FUN

INVESTMENT ATTRACTION FROM THE SMALL & MEDIUM BUSINESS ADMINISTRATION AND KOREA CREDIT GUARANTEE FUN

  In November 2015, INGINE attracted 13.1 billion in investment from the Small & Medium Business Administration and Korea Credit Guarantee Fund, which are public enterprises. They invest in small and medium-sized enterprises that have excellent business skills and technology.Through investments, they support smooth financing of small and medium-sized businesses and the improvement of financial structures.INGINE succeeded in attracting investment by acknowledging the project’s content and technological prowess from the two public enterprises.The Small & Medium Business Corporation invested 700 million won into INGINE, and Korea Credit Guarantee Fund invested 610 million won into INGINE. In addition, with investment from highly reputable organizations, INGINE has been able to attract foreign recognition and subsequent investment.

2015.11.27

SIGNED TECHNICAL LICENSING CONTRACT FOR BUSINESS EXPANSION TO JAPAN SEPTEMBER 29, 2015

SIGNED TECHNICAL LICENSING CONTRACT FOR BUSINESS EXPANSION TO JAPAN SEPTEMBER 29, 2015

On September 29, INGINE signed a technical licensing contract for business expansion of wave-power generator technology to Japan. With the contract, INGINE will be able to carry forward the wave-power generator business in Japan.Also, INGINE have accelerated the entry into the overseas market with its first overseas technical licensing contract. The technical licensing contract between Japan and INGINE demonstrates the technological excellence of INGINE’s wave-power generator.In addition, it serves as a foundation for the construction of wave-power generation in the island area of Korea and for overseas business expansion.

2015.09.29

SELECTED AS A NEW PRODUCT DEVELOPMENT PROJECT WITH AN OPTION TO PURCHASE

SELECTED AS A NEW PRODUCT DEVELOPMENT PROJECT WITH AN OPTION TO PURCHASE

On July 18, INGINE was selected as a “New Product Development Project with an Option to Purchase” by the Small & Medium Business Administration. The project identifies purchasing intention and proposes technology development in the domestic technology department.If small- and medium-size businesses succeed in developing and commercializing technology, the department helps them to secure access to the market for a period time.

2015.07.28

WAVE-POWER PLANT GROUND-BREAKING CEREMONY IN JEJU

WAVE-POWER PLANT GROUND-BREAKING CEREMONY IN JEJU

On July 6, a groundbreaking ceremony for the INGINE wave-power plant was held at breakwater in Bukchon, Jeju. While the wave-power generator requires a deep water depth of 20 to 50 meters, INGINE‘s offshore installation can generate power in a shallow sea level of 3 to 5 meters.Thus, it improves efficiency by collecting energy from both the up-and-down movement and the horizontal movement of waves. In particular, it is forecasted that the power plant facility will be installed on breakwater, which will not require submarine transmission cables, and will be spotlighted as a green renewable energy business that does not affect the marine ecosystem. While the wave resource in Jeju is known to be superior due to its excellent quality, it is expected that the generation costs will be lower than that of solar or wind power. The island area is rich in waves, but it is difficult to supply electricity from the land.In order to resolve the problem of power supply to these islands, wave-power generation technology has been developed, and the Bukchon wave-power plant is made up of 100% pure domestic technology.

2015.07.06

ESTABLISHED JEJU BRANCH JUNE 15, 2015

ESTABLISHED JEJU BRANCH JUNE 15, 2015

On June 15, the Jeju branch of INGINE was established. Giseok Joe (60) was appointed as Jeju branch manager. He has accumulated experience in various positions in the future strategic industry, at the wide area water resource headquarters, and in environmental policy.. The Jeju branch office will play a pivotal role in the eco-friendly new renewable energy project by commercializing the wave-power generator and utilizing the excellent Jeju Island wave resources.

2015.06.15

SELECTED AS POSCO IMP INVESTMENT TARGET ENTERPRISE (FIRST PLACE IN AUDIENCE ASSESSMENT) JUNE 12, 201

SELECTED AS POSCO IMP INVESTMENT TARGET ENTERPRISE (FIRST PLACE IN AUDIENCE ASSESSMENT) JUNE 12, 201

On June 11, POSCO held its ninth Idea Marketplace at the Seoul POSCO Center and held an event to support various venture companies that will be rooted in the national creative economy. Traditional commercialized wave-power generator technology was less cost-effective in terms of the high-cost submarine transmission costs and was unsuitable for applying to most islands.INGINE’s wave-power generator is able to be installed at shallow sea levels, and no additional transmission costs are incurred.Recognized for its clean energy technology suitable for the island region, INGINE was chosen as the POSCO IMP investment target enterprise and won the first prize in audience assessment at the event. The Idea Marketplace is POSCO’s representative venture opening support program, which promotes venture ideas to investors and directly invests in excellent venture companies.In addition, it supports continuous growth of venture companies connected with the POSCO Creative Economy Center, which opened in January this year.

2015.06.12

SELECTED AS THE KOREAN INTELLECTUAL PROPERTY OFFICE & INTELLECTUAL PROPERTY STRATEGY INSTITUTE IP R&

SELECTED AS THE KOREAN INTELLECTUAL PROPERTY OFFICE & INTELLECTUAL PROPERTY STRATEGY INSTITUTE IP R&

On February 6, INGINE was selected for the IP R&D Strategy Support Business of the Korean Intellectual Property Office and Intellectual Property Strategy Institute. What is the IP R&D Strategy Support Business? It is a business that supports a customized and contact-type patent strategy for small- and medium-size companies.Intellectual property rights strategy specialists and intellectual property rights analysis form a specialized agency from the Korean Intellectual Property Office will support the strategy establishment for the company. INGINE was selected as the IP R&D strategy support business.The specialists establish a technical patent portfolio through patent analysis, and INGINE will receive IP R&D strategic support, leading to a proposal of a core patent response strategy, an IP-producing strategy, and an appropriate R&D method. Through this support project, INGINE can establish a powerful strategic presentation that can help prevent other companies from entering the competition; it will also be able to establish core patent response strategies to better respond to the challenge of competing IP attacks and to build the necessary IP infrastructure.

2015.02.06

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