SK Innovation-backed Marine Innovation looks to enter US green market

Marine Innovation Co., a South Korean eco-friendly social venture company sponsored by the country’s top energy firm SK Innovation Co., is participating in the SelectUSA Investment Summit 2024 held in Washington, D.C. for four days from June 23.

The summit is a high-profile event organized by the Department of Commerce to promote foreign direct investment in the US.

At the annual meeting, the commerce department said thousands of investors, companies, economic development organizations and industry experts will discuss possible business deals.

Marine Innovation is participating in the event as a member of the Korean economic delegation.

A company official said on Tuesday it will hold meetings with US federal and state government officials, investors, and partner companies to seek joint projects in the US.

GREEN COMPANY

A social venture partner of SK Innovation since 2019, Marine Innovation uses seaweed by-products as base materials to make eco-friendly products such as biodegradable grocery bags, paper cups and disposable plates.

The company said its business goal is to reduce carbon emissions and help solve food shortages in underdeveloped countries through the incorporation of seaweed.

In recognition of its eco-friendly technology, Marine Innovation in 2022 received biodegradability certification from DIN CERTCO, the certification body of TÜV Rheinland Group, known for its nearly 50 years of work in the field of compostable, biobased and recycled materials certification services.

“In addition to this investment summit, we’re also involved in a global seaweed commercialization project with the World Bank. We want to take the lead in a global initiative to solve environmental problems,” said Marine Innovation Chief Executive Cha Won-young.

SK Innovation, a unit of Korea’s second-largest conglomerate SK Group, has been supporting social venture firms to address global issues such as environmental pollution.

Write to Hyung-Kyu Kim at khk@hankyung.com

In-Soo Nam edited this article.