SK Inno, Second Collaboration with Eco-Friendly Social Venture... 'Relentless Green Balance Practice'

[Asia Economy Reporter Hwang Yoon-joo] SK Innovation is launching season 2 of the ‘SV2 Impact Partnering,’ which was praised last year for presenting a new direction in the collaboration model between large corporations and social ventures. This is part of the plan to tenaciously implement ‘Green Balance 2030’ across various fields through collaboration with social ventures in the eco-friendly sector, as announced in the 2019 social value measurement results.

On the 6th, SK Innovation held the ‘SV2 Impact Partnering Season 2’ agreement ceremony attended by President Kim Jun and representatives of three newly selected eco-friendly social ventures.

The selected companies this time are three promising eco-friendly social ventures: ▲Somuna (developing a battery system to prevent refrigerated truck idling) ▲Ecoin Energy (developing mobile plastic pyrolysis equipment) ▲Sheco (developing marine oil spill response robots).

At the agreement ceremony, President Kim Jun said, "The SV2 Impact Partnering, which started last year, has established itself as a new form of win-win model between large corporations and venture companies by creating a collaboration ecosystem centered on employees to solve various social issues, especially environmental problems," adding, "The company will continuously invest in environmental social ventures and jointly promote various projects as one of the ways to tenaciously implement the strategic direction of Green Balance 2030."

SK Innovation plans to hold an IR briefing session for employees and then conduct crowdfunding for the three social ventures on July 22.

SV2 Impact Partnering, which SK Innovation started last year, is centered on SK Innovation employees directly supporting social ventures through crowdfunding investment and pro bono activities based on professional expertise in finance, legal affairs, public relations, research, and development. Along with this, the company supports social ventures with the most needed funding, management support, and even business opportunity creation by jointly pursuing business with social ventures, forming a win-win model.

Additionally, through SV2 Impact Partnering, SK Innovation made an additional equity investment of 2.5 billion KRW at the end of last year in Injin, an eco-friendly wave power generation company invested in by employees. The company is also jointly promoting a project with Vietnam’s Vingroup and Doosan Heavy Industries to transform An Binh Island in Quang Ngai Province into a Carbon Free Island, creating results from a Double Bottom Line (DBL) perspective, which pursues both economic and social value in management activities.