SK Innovation Launches 4th Cohort of 'Egg' to Foster Environmental Startups

"Hope to Become a Platform Connecting Companies Concerned with Social Issues"

SK Innovation is partnering with the Korea Institute of Startup & Entrepreneurship Development to foster environmental startups aimed at expanding the low-carbon and environmental ecosystem.

Representatives and stakeholders of 15 startups selected for Egg Season 4 are taking a commemorative photo at the launch ceremony held on the 23rd at Sim Office in Seongdong-gu, Seoul.
[Photo by SK Innovation]

On the 23rd, SK Innovation announced that it held the launch ceremony for the 4th cohort of EGG at Sim Office in Seongdong-gu, Seoul. EGG stands for 'SK Innovation' and 'Green Venture' working together, and is part of the ‘2024 Startup Leap Package Large Corporation Collaboration Program’ operated by the Korea Institute of Startup & Entrepreneurship Development. Promising environmental startups are selected and supported based on business viability, innovation, and potential collaboration with SK Innovation affiliates to create diverse environmental values.

The 4th cohort of EGG includes a total of 15 startups: 6 in carbon reduction/environmental technology, 5 in resource circulation/supply chain, and 4 in artificial intelligence (AI)/platforms. This year, the selection expanded beyond low-carbon and resource circulation fields to include environmental digital transformation and services for building environmental, social, and governance (ESG) ecosystems.

SK Innovation and nine business partners plan to discover collaboration models in the low-carbon and environmental sectors with the selected startups over approximately one year, providing tailored mentoring, technical consulting, and other growth support programs. The Korea Institute of Startup & Entrepreneurship Development will provide up to 200 million KRW in commercialization funds per company.

Since discovering 20 startups through the first EGG cohort in 2021, SK Innovation has nurtured around 20 startups annually. Up to last year, a total of 65 companies have been successfully supported, with a goal to discover and nurture 100 environmental startups by 2025.

Kim Yong-su, Head of ESG Promotion at SK Innovation, said, "If an environment is created where social ventures and social enterprises, which focus on solving social issues as their business, can grow well, the speed and scale of solving social problems can accelerate and expand even more." He added, "Through the EGG program, we hope it becomes a platform where various stakeholders concerned with solving social issues can come together to discuss solutions and grow impact through collaboration."