South Korea-based wave energy developer Ingine has secured €2.9 million from the state-owned Korea Development Bank to advance its wave energy business and technology.
Ingine plans to use the funding to commercialize wave power generation and expand its business, according to local media in South Korea.
The company is developing its proprietary multi-directional energy harvesting technology INWave, which is able to absorb the full range of energy released by waves in all directions, making it suitable for use even in shallow waters, according to the Ingine.
INWave is said to have lower operating cost than other technologies, since the main facilities are installed ashore, eliminating the need for subsea transmission cables and streamlining maintenance work.
Sung Young-jun , Ingine’s CEO, said: “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. 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”.
Ingine said it will now be 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.