South Korean wave energy developer INGINE revealed ambitious growth plans for 2022,its10th anniversary.
Today the company is approaching a landmark fifth year of wave energy operation in North East Asia, via the Jeju Bukchon Wave Power Plant built in 2015. Additional international projects will see expansion across four continents throughout 2022 and beyond.
This includes a Vietnamese and Korean initiative in Quang Ngai province - through a five-party MoU involving Quang Ngai People’s Committee, INGINE, SK Innovation, Doosan Vina and VinGroup – and the development of a 10MW wave energy project for diesel replacement in Indonesia.
INGINE plans to launch in North America in 2022, inking a deal with the Mowachaht Muchalaht First Nation (MMFN) to begin design work for an onshore wave energy system in Yuquot, British Columbia (Canada).
INGINE’s INWave wave energy converter effectively absorbs energy of close-to-shore waves. The technology eliminates the need for submarine cables, as the power generation unit is installed on land, adding to the economy of the system.
The technology is especially well suited for remote coastal communities which do not have access to the central power grid and depend on diesel generators for electricity supply.
To date, the company has received significant national and international finance support, including $2 million from SK Innovation in 2019. This was supported by a further $3 million from South Korea’s state lender Korea Development Bank (KDB) in 2021, which enabled INGINE to successfully close its $6 million Series B round.
In 2021, other forms of technical and financial assistance were granted to support INGINE’s projects through the Korea Environmental & Industry Technology Institute (KEITI), the United States Agency for International Development (USAID) and the Clean Energy for European Union Islands Secretariat.
Early in 2022, additional private financing of $1.7 million was secured thanks to INGINE’s R&D capabilities which have generated 58 patents globally. INGINE is planning to go public in 2023 and has selected Hana Financial Investment to be the lead manager for the Initial Public Offering (IPO). Before the IPO, INGINE will work on its Series C round throughout 2022, as a pre-IPO phase to promote R&D and commercial developments.