Eco-friendly Social Venture 'Marine Innovation' Selected for TIPS Program

[Asia Economy Reporter So-yeon Park] Marine Innovation Co., Ltd., an eco-friendly social venture sponsored by SK Innovation, has been finally selected for the Tech Incubator Program for Startup (TIPS), a private investment-led technology startup support program.

Through this, Marine Innovation will receive up to 1 billion KRW in funding over the next two years for R&D investment and domestic and overseas commercialization. Additionally, after two years, it will receive support to grow into a global company through the Post-TIPS program.

The project selected for TIPS by Marine Innovation is the "Development of Eco-friendly Coated Paper Cups Using Chitosan." Typically, paper cups are coated internally with PE (polyethylene), a plastic material. This coating causes the paper cups to take more than 50 years to decompose despite being paper.

To solve the PE-coated paper cup problem, Marine Innovation has been conducting preliminary research on coatings using chitosan in collaboration with the Department of Materials Science and Engineering at Ulsan UNIST. The coating solution made from chitosan extracted from discarded crab shells is a 100% eco-friendly material, enabling paper cups to biodegrade within 90 days and reducing microplastic issues.

Once this coating solution is developed, it can be applied not only to paper cups but also to various disposable products such as cup noodle containers, disposable plates, and food containers.

Alongside this, Marine Innovation is currently raising Series A investment to grow into a global eco-friendly new materials company through mass production and other efforts.

The eco-friendly market is expected to grow to 35.7724 trillion KRW by 2024 due to strengthened regulations worldwide and increased environmental awareness among consumers. In this context, Marine Innovation, an eco-friendly social venture, is attracting significant interest from domestic conglomerates and overseas investors through its Series A fundraising.

Cha Wan-young, CEO of Marine Innovation, said, "It is very meaningful to be the first eco-friendly company selected among TIPS investment firms," adding, "We will continue research on new materials that can fundamentally protect the Earth and people, striving to deliver positive social impact."

Marine Innovation was established in 2019 with the aim of solving serious environmental problems caused by indiscriminate logging and plastic use. It develops eco-friendly new materials using seaweed extracts and seaweed by-products to produce plastic and wood substitutes.

Marine Innovation has recently been recognized for its eco-friendliness and signed an MOU with the Jeollado Marine Fisheries Science Institute to cooperate on securing seaweed raw materials and commercializing fishery resources.

In particular, Marine Innovation’s product made from seaweed extracts, "Dalharu Yanggaeng," is notable. Dalharu (meaning "Sweet Day") Yanggaeng is created with an eco-friendly theme from food to product packaging, and a portion of the profits is used for environmental protection organizations and realizing social value. The remaining seaweed by-products after extraction are used to manufacture egg cartons, fruit trays, paper cups, food packaging containers, and packaging.