South Korea’s state lender Korea Development Bank (KDB) invested 4(four) billion Korean won in wave power generation system developer INGINE Inc.
INGINE plans to utilize the money as operating funds to commercialize wave power generation and expand its business. In 2015, INGINE built a demonstration plant on Jeju island with its self-developed wave power generation technology. The company is currently focusing on expanding its business to overseas markets by establishing local corporations and partnerships in countries such as Vietnam, France, Morocco, Canada, Indonesia and beyond.
“Despite numerous setbacks in promoting overseas business plans due to COVID-19 last year, all employees and staff have made tireless efforts and investors have showed their trust in INGINE’s innovative technology and determination,” said INGINE CEO Sung Young-jun. “Thanks to those efforts, we’re seeing progress in overseas markets. Our wave power generation project in Indonesia was selected by the Korea Environmental & Industry Technology Institute (KEITI) to receive support in applying to GCF’s (Green Climate Fund) project preparation facility . In parallel, we have started reviewing the contract for a project in Canada. Building on our robust financial structure, we will spare no effort to promote the commercialization of wave power generation.”
For offshore power plants, installing transmission cables in the deep sea requires considerable costs. However, INGINE’s proprietary onshore wave power technology allows for significant cost savings during the installation and operation phases. This advantage is due to power generating facilities being built on land. Recognized for its economic feasibility and social value, INGINE received a 2.5 billion won investment from SK Innovation in 2019.
In 2020, INGINE selected Hana Financial Investment as its underwriter for a planned IPO in 2023. With KDB’s support, the company plans to attract follow-up investment this year.