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INGINE to get UK government subsidy for wave power project in Vietnam

2023.12.21Hit : 572

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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."


 

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