South Korean wave energy developer Ingine has revealed growth plans for 2022, including setting up shop in North America.
Ingine has struck a deal with the Mowachaht Muchalaht First Nation to begin design work for an onshore wave energy system in Yuquot, British Columbia in Canada.
It added that collaborative plans are also underway in France, Morocco, Taiwan and Japan.
Further European growth will be announced shortly, coupled with senior appointments to bolster its 25 plus team.
Ingine is also part of a Vietnamese and South Korean initiative in Quang Ngai province through a five-party memorandum of understanding that also involves Quang Ngai People’s Committee, SK Innovation, Doosan Vina and VinGroup, as well as a project to develop a 10MW wave device in Indonesia.
Ingine business development director Dae Hyun Kim (pictured) said: “We are approaching 2022 with a huge amount of positive energy as we prepare to celebrate our tenth company anniversary and fifth year of successful wave energy operation.
“Ingine has built a wealth of knowledge over the last decade and was recently ranked second in Forbes Korea’s marine energy innovation, ESG and carbon reduction listing.
“The company is now entering an exciting growth phase as our technology rapidly advances towards commercialisation.
“Ingine We will enter the New Year focusing on a series of high-profile, cross-continental projects following many years of careful planning and preparation to leverage finance and establish secure and stable international partnerships.
“Ingine is now in poll-position to leverage its extensive technical expertise and demonstrate the commercial benefits of its technology, as part of our broader mission to support a sustainable future and a successful energy transition, on the pathway to net-zero.”
The company also secured additional private financing of $1.7m in early 2022.
Ingine is planning to go public in 2023 and has selected Hana Financial Investment to be the lead manager for the initial public offering.