[Asia Economy Reporter Park So-yeon] SK Innovation has actively stepped up efforts to foster the eco-friendly clean energy industry.
On the 21st, SK Innovation announced that it invested 2.5 billion KRW in Injin Co., Ltd., a social venture developing and commercializing coastal wave power generation technology.
Wave power generation is gaining global attention as the next-generation clean energy source following solar and wind power. Injin is a global leading company possessing cost-competitive technology for coastal installation methods among wave power generation technologies.
Among approximately 300 global wave power companies, only about 1% have achieved technology close to commercialization, which Injin possesses and is pushing for commercialization within this year.
Last November, the two companies joined forces to address environmental issues in Vietnam through the 'Carbon Free Island Project' on An Binh Island, Vietnam. Injin aims to replace the entire power demand of An Binh Island with renewable energy sources by installing wave power generation facilities on the island.
Jung In-bo, Head of the SV Promotion Team at SK Innovation, said, "The SV2 Impact Partnering with Injin is evaluated as a representative co-growth model between large corporations and social ventures through pro bono and mutual business cooperation, rather than a simple investment by a large corporation." He added, "Furthermore, we hope that Injin, based on SK Innovation's direct investment and stable financial structure, will achieve early commercialization of wave power generation technology and spread eco-friendly social values worldwide."
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