Ingine eyes global expansion through international projects in 2022

South Korean wave energy developer Ingine is preparing for its tenth anniversary with intentions for further global expansion and new projects to accelerate commercialisation as part of the growth plans for 2022.

As the company is approaching a landmark fifth year of wave energy operation in North-East Asia, Ingine revealed that further international projects will see expansion across four continents throughout 2022 and beyond.

The projects include a Vietnamese and Korean initiative in Quang Ngai province – through a five-party memorandum of understanding 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.

In addition, Ingine will launch in North America in 2022, after 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. Meanwhile, collaborative plans are underway in France, Morocco, Taiwan, and Japan.

“With a strong footprint in Europe through its UK subsidiary, further European growth will be announced early in the New Year, coupled with senior appointments to bolster its world-class team of 25 plus wave energy experts”, Ingine stated.

The company’s Business Development director Dae Hyun Kim said: “We are approaching 2022 with a huge amount of positive energy as we prepare to celebrate our tenth company anniversary and fifth year of successful wave energy operation. INGINE has built a wealth of knowledge over the last decade and was recently ranked 2nd in Forbes Korea’s marine energy innovation, ESG and carbon reduction listing. The company is now entering an exciting growth phase as our technology rapidly advances towards commercialisation.”

Over the past couple of years, the wave energy developer also received significant national and international financial 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.

The company highlighted other forms of technical and financial assistance granted in 2021 to support its 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, the company added.

Looking ahead, the company intends 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.

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