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.