For the first time in South Asia, INGINE Lanka Private Limited and INGINE Inc. in South Korea will introduce breakthrough INWaveTM technology to generate Green energy to Sri Lanka. The total investment for phase one of this project would be USD 8 million.
The two companies will partner Ceylon Fisheries Harbour Corporation to build a plant in the Suduwella harbour in Matara which will initially generate 1 Megawatt of power to the national grid.
Chairperson/CEO, INGINE Lanka Private Limited Dr. F. Sujatha Bondarenko, said that they will commence the feasibility study of the project (which was earlier planned for March and postponed due to Corona Pandemic) next month and construction would start early next year. She said that the technology uses several buoy planted in the sea and their movement is used to generate electricity.
“This method is now used in Korea and several European countries.”
The back of the breakwater in the Suduwella Harbour in Matara would be used to store and distribute electricity to the national grid.
“This project will also generate an income to the Harbour and we will also use the venue as an international study centre on INWave technology to the world making it a major study tourism venue as well”
The two companies will further invent around another USD 20 million for phase two where almost 10 MW of wave energy would be generated. She said that the unique feature of breakthrough INWave technology is that the cost of generating a unit decreases each year as maintenance costs are very low.
“In a bid to get local industrialists involved in the project nearly 40% local materials such as buoy, cables would be used”. INGINE Lanka has successfully ventured into the renewable energy business and other sustainable businesses within a short span of three years. “We will also invest a further USD 8 million to invest on a Solar Energy Park in Mahiyangana next year.”
Apart from renewable energy, Dr. Bondarenko and her team are active in the tea business including plantations, manufacturing, and exports under the brand name Royal Touch mainly to Korea and Russia.
INGINE in Korea is spearheaded by CEO/CTO Y. J. D. Sung, who created the INWaveTM technology through extensive research and development, and Business Development Director D. H. Kim, who manages a 100 MW project pipeline worldwide for the commercialization of wave energy plants by INGINE.
