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| INGINE's Bukchon wave power generation demonstration plant on Jeju Island / Courtesy of INGINE |
By Ko Dong-hwan
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| INGINE CEO Sung Young-jun |
Headed by CEO Sung Young-jun, INGINE plans to use the money to commercialize wave power generation and expand its business. The company in 2015 built a demonstration plant on Jeju Island with its self-developed wave power generation technology.
INGINE started focusing on expanding to overseas markets by establishing local corporations and partnerships in countries such as Vietnam, France, Morocco, Canada and Indonesia.
"Despite numerous setbacks in promoting overseas business plans due to COVID-19 last year, all our employees have made tireless efforts, and investors have shown their trust in INGINE's innovative technology and determination," said Sung.
"Thanks to those efforts, we're seeing progress in overseas markets. Building on our robust financial structure, we will spare no effort in promoting the commercialization of wave power generation."
Sung said that the company's wave power generation project in Indonesia was selected by the Korea Environmental and Industry Technology Institute, leading the government institute to endorse the company in building the Green Climate Fund's project preparation facility. INGINE has also started reviewing a contract for a project in Canada, the CEO hinted.
Installing transmission cables in the deep sea for offshore power plants involves considerable costs. INGINE stated that their onshore wave power technology saves them significant costs during the plants' installation and operation phases. According to the company, this advantage derives from their power-generating facilities being built on land.
INGINE in 2019 received a 2.5-billion-won investment from SK Innovation after being recognized for having economic feasibility and social value. In 2020, INGINE selected Hana Financial Investment as its underwriter for a planned IPO in 2023. With KDB's latest investment, INGINE aims to attract follow-up investments during the rest of this year.
