SK Innovation-Supported Social Venture Seizes Opportunity to Enter US Market

Cha Wanyeong, CEO of Marine Innovation (third from the left), is discussing business localization with Washington state government officials at the SelectUSA Investment Summit 2024. Photo by SK Innovation

Marine Innovation, a social venture supported by SK Innovation, is seeking to enter the U.S. market with its innovative business model.

On the 25th, SK Innovation announced that Marine Innovation, a social venture it supports, will attend the 2024 SelectUSA Investment Summit, the largest investment attraction event in the U.S., as part of the Korean economic delegation.

Now in its 10th year, this event is hosted by the U.S. Department of Commerce to support foreign companies' investment and entry into the U.S. It is held over four days starting from the 23rd in Washington D.C., discussing major global industry issues, trends, and investment directions. At this event, Marine Innovation will exchange information with U.S. federal and state government officials, investors, and partner companies, exploring possibilities for entering the U.S. market.

Marine Innovation is a social venture aiming to reduce carbon emissions and address the food crisis through seaweed. It sells various food products made from seaweed and processes the fibrous parts of inedible seaweed to develop biodegradable plastic materials used in food and packaging containers. The food containers produced by Marine Innovation are completely biodegradable within 56 days without chemical coating. Recognizing this technological capability, the company received biodegradability certification from DIN CERTCO, an internationally accredited German certification body, in 2022.

Additionally, all used seaweed food containers are collected and repurposed into fruit packaging containers and component packaging boxes. Notably, used seaweed plates are thoroughly cleaned and also used as art supplies, which are provided free of charge to schools and organizations for the disabled, then collected again after use and composted.

SK Innovation selects and invests in social ventures that lead the way in solving various social issues, providing corporate consulting and professional capacity-building education in the form of talent donation. Since 2019, SK Innovation has supported Marine Innovation for six years in research and development (R&D) and securing sales channels.

Cha Wanyoung, CEO of Marine Innovation, said, "It is meaningful to attend an international investment event as a representative of Korea. Our goal is to become a global company leading the way in solving environmental pollution issues, not only through this event but also by successfully commercializing global seaweed projects in cooperation with the World Bank."