Social Venture 'Injin' Invested by SK Inno Secures 4 Billion KRW Investment from KDB Bank

Injin Secures Investment After Recognition of Wave Power Generation Technology

[Asia Economy Reporter Hwang Yoon-joo] Social venture Injin, which developed a wave power generation system, has successfully attracted an investment of 4 billion KRW from KDB Industrial Bank, recognizing its technological capabilities and growth potential.

Wave power generation is gaining attention worldwide as the next-generation clean energy source following solar and wind power. Injin is a global leading company that has developed and owns an on-shore wave power generation method, which installs the power generation unit on land, significantly reducing initial installation and operating costs compared to the conventional off-shore wave power generation method that installs the generation unit offshore and requires large expenses such as transmission cables.

SK Innovation discovered Injin in 2019 through its eco-friendly clean energy industry and social venture fostering program and invested 2.5 billion KRW. This was derived from the Green Balance 2030 strategy, which aims to create additional eco-friendly social value by supporting not only SK Innovation’s direct eco-friendly businesses but also social ventures in other eco-friendly sectors.

Injin plans to use the funds secured this time as operating capital for the commercialization and business expansion of wave power generation. Injin’s coastal installation wave power technology is more economical than the existing offshore type and has a high potential for commercialization. Through this investment attraction, Injin aims to commercialize the new wave power generation early, expand the supply of eco-friendly clean energy domestically and internationally, and grow as a global leading company in the wave power generation sector.

Seong Yong-jun, CEO of Injin, stated, "The Indonesian wave power generation project has been selected for support by the Korea Environmental Industry & Technology Institute (KEITI) to proceed smoothly with funding from the Green Climate Fund (GCF), and the Canadian project has also started contract review. As overseas projects are gaining momentum, we will devote all efforts to the commercialization of wave power generation based on a stable financial structure."

Injin has been constructing and test-operating a wave power generation plant in Jeju Island since 2015 based on its self-developed wave power generation technology. It is also striving to pioneer overseas markets by establishing local subsidiaries or partnerships in Vietnam, France, Morocco, Canada, and Indonesia.

Meanwhile, Injin selected Hana Financial Investment as the lead underwriter last year with the goal of an initial public offering (IPO) in 2023, and plans to attract follow-up investments within this year, using the success of the KDB Industrial Bank investment attraction as a stepping stone.