Ingine to get UK government subsidy for wave power project

Ingine's wave power generator / Courtesy of Ingine

Ingine will get a subsidy from the UK government, again, as it qualified for the Innovate UK’s list for Energy Catalyst Round 10, the company said Wednesday.

Innovate UK, a public innovation agency in UK, provides monetary support to companies developing innovative products and services for the future.

Energy Catalyst is the agency’s renewable energy program to support the country’s commitment for a just and inclusive clean energy transition. 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.

“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 surly be a cornerstone for wave power’s commercialization.”

Thanks to the agency’s monetary support, Ingine and its local consortium in UK are set to build a wave-power station on An Binh Island in Quang Ngai Province, Vietnam. The company said its 500 islanders depend heavily on conventional diesel power for electricity without any large-scale renewable power generators except small-size solar systems.

The Ingine consortium is expected to get 720,000 pounds from the UK agency, out of the total cost of 1 million pounds.

Ingine is also preparing to start a similar green energy project in Indonesia, as it had received a subsidy worth 155,000 pounds under the agency’s program platform last year.

Wave power has gained attention as a clean and renewable energy source since 2000. An increasing number of renewable energy companies are now boasting of their related technologies for possible commercialization.

Ingine has developed wave power technology as a renewable energy source since 2012. SK Innovation, Hana Securities and KDB have invested in Ingine for its eco-friendly innovative technologies.

Unlike conventional offshore wave power methods requiring massive costs in installing a power generation unit, Ingine’s method cuts down on initial installation and operation costs significantly by installing the generation unit on the ground near shore, according to the company.