Waves – The Next Generation Renewable Power Source
“There is a blue ocean that everyone is waiting for.”
Now that the energy crisis due to Russia's invasion of Ukraine has become a reality, many people are paying attention to the potential of next-generation energy companies. Among them, there are companies that dream of infinite possibilities through wave power generation. Injin, a company specializing in wave power system development, was established in 2011 when it started R&D for wave power generation.
Wave power is regarded as a next-generation clean energy source after solar and wind power worldwide. According to Injin, the constant motion of the ocean’s waves has the potential of 3 TW, higher than the global annual energy demand. Compared to wind power with an energy density of 200-800W per m2 or solar power with an average energy density of 170-200W per m2, waves have a high energy density of 5000-55,000W per m2, so it is evaluated as a more economical and stable power supply.
Unlike the existing off-shore power generation methods, which requires large costs for infrastructure, Injin uses the on-shore power generation method to significantly reduce initial installation and operating costs by installing the power generation unit onshore.
Since winning the 2014 Korea Creative Economy Grand Prize (Prime Minister's Award), it has received global attention beyond Korea. In 2019, SK innovation invested 2.5 billion won in Injin through an eco-friendly clean energy industry and eco-friendly social venture fostering program.
Injin has had a wave power plant in Jeju Island since 2015 which uses its proprietary wave power technology and is currently testing it. In addition, it is in the midst of pioneering overseas markets by establishing local corporations or establishing local partnerships in Vietnam, France, Morocco, Canada, and Indonesia.
In particular, Injin’s Vietnam wave power generation project is a large-scale project to transform An Binh Island into a carbon-neutral area by using eco-friendly technology. Five participants including Injin, SK Innovation, Doosan Vina, Vingroup, and Quang Ngai People’s Committee are in progress.
Wave power is a very important energy resource for Vietnam's energy transition, with a coastline of 3000 km and more than 3000 large and small islands. An official from Injin said, “Waves have the potential to supply electricity to all coasts of the world. In particular, they are an essential energy source for small islands, where it is difficult to supply or transport electricity due to low energy demand. It will be the only alternative that will improve the quality.”
Injin has aspirations to expand the supply of eco-friendly clean energy at home and abroad by early commercializing new wave power generation and to grow into a global leader in the wave power field. To this end, the goal is to go public in 2023.
Source: Hankyung BUSINESS, Jeong Chae-hee, 3/25/2022