Ingine’s Vietnamese subsidiary, Ingine Pacific, has been granted funding support from the United States Agency for International Development (USAID) for its renewable energy project.
During the fourth Indo-Pacific Business Forum, Ingine Pacific’s pilot off-grid wave technology on Ly Son Island and two other projects were granted $860,000 in assistance for renewable energy projects said to transform Vietnam’s energy mix.
Prior to this grant, the company received support through USAID INVEST for an Environmental and Social Impact Assessment (ESIA) for the project back in June.
Korea Development Bank also invested €2.9 million to advance Ingine’s wave energy business and technology.
Ingine’s upcoming wave power plant in Vietnam is part of a five-party memorandum of understanding among Ingine, Quang Ngai People’s Committee, SK Innovation, Doosan Vina and VinGroup, established to make the province’s island carbon-free using eco-friendly technologies.
Wave energy conversion is one of the technologies prioritized for development investment and hi-tech products in a decision signed by the Prime Minister of Vietnam on 30 December 2020, which entered into effect on 15 February 2021, according to Ingine.