SK Inno Exceeds Crowdfunding Target for Eco-Friendly Social Venture

Expecting a Win-Win Collaboration Between Social Ventures' Growth and SK Innovation's Green Business Model Innovation

[Asia Economy Reporter Yoonju Hwang] SK Innovation has successfully launched the second season of the ‘SV2 Impact Partnering Season 2,’ conducted for the second time last year as one of the measures to ‘relentlessly practice Green Balance 2030,’ with active participation from its members.

‘SV2 Impact Partnering’ is SK’s management term that signifies creating social value (SV) squared through collaboration with social ventures (SV).

SK Innovation announced on the 23rd that the crowdfunding for social ventures, started through the crowdfunding platform Wadiz, achieved full subscription of the public offering volume within just one day of the subscription opening.

The participating companies are three promising eco-friendly social ventures: Somuna (developing battery systems to prevent refrigerated truck idling), Ecoin Energy (developing mobile plastic pyrolysis equipment), and Sheco (developing marine oil spill response robots).

Previously, SK Innovation selected these three social ventures by focusing on business models that create social value in the environmental sector and align with the company’s strategic direction, Green Balance 2030, while comprehensively considering the potential for future collaboration with SK Innovation.

In this crowdfunding, about 1,000 SK Innovation members voluntarily participated, raising approximately 2.7 billion KRW in investment funds. These funds will be used as growth capital for the three social ventures chosen by the members. In the prior certification process held until July 17, about 1,800 SK Innovation members participated, foretelling the success.

SK Innovation members are practicing the creation of social value in the environmental field through voluntary participation, and social ventures can secure growth capital while utilizing SK Innovation’s infrastructure and capabilities, making this a representative win-win co-prosperity model between large corporations and social ventures.

SK Innovation plans to support members who invested in social ventures with up to 1 million KRW in the form of a matching fund to provide learning support for impact investment and reduce the risk burden of venture investment.

SK Innovation also plans to directly support social ventures through member pro bono activities and is considering ways to jointly promote eco-friendly businesses with social ventures.

Im Sugil, Head of Public Relations at SK Innovation, said, “The company’s relentless commitment to practicing Green Balance 2030 and the strong consensus among members to actively participate in creating eco-friendly social value led to the success of this crowdfunding. Moving forward, we will actively support the selected eco-friendly social ventures to establish solid business models and achieve high growth, proving that Green Balance 2030, pursued by SK Innovation, is a path that must be taken.”

This content was produced with the assistance of AI translation services.