Lotte Chemical's In-house Venture Support Bears Fruit with 'EcoMarine' Spin-off

Lotte Chemical announced on the 12th that its in-house venture 'EcoMarine' has spun off as an independent corporation.

EcoMarine independently developed 'EverMarine,' an eco-friendly recyclable marine material based on high-density polyethylene (HDPE), aiming to improve various issues caused by FRP (Fiber Reinforced Polymer) and aluminum, which are major materials for small and medium-sized vessels.

Lotte Chemical announced on the 12th that its in-house venture 'EcoMarine' has spun off as an independent corporation. The vessel Ganeungseongho applied with materials developed by EcoMarine...

Following this, EcoMarine exhibited the boat 'Ganeungseongho,' made using the new material, at the Busan International Boat Show in April last year, winning the Boat of the Year award. On the 1st of this month, EcoMarine's eco-friendly marine material received the Grand Prize in the Idea category at the '2023 Environmental Startup Competition.' EcoMarine is currently actively conducting business, including material sales and technology exchanges with four partner companies.

Park Deok-hoon, CEO of EcoMarine, stated, "Our goal is to replace domestic FRP vessels, which have become an environmental issue, with materials developed using Lotte Chemical's excellent HDPE and EcoMarine's proprietary technology, and eventually enter the U.S., the largest leisure boat market."

Lotte Chemical has been operating the in-house venture 'Lycon' since 2021. Lycon stands for Lotte Chemical's unicorn (successful venture company).

Selected Lycon teams receive 200 million KRW in activity funds and undergo a commercialization period of up to two years as an independent team. During the commercialization process, company-level startup education and consulting are provided, and up to 500 million KRW is additionally supported upon commercialization.

Kim Kyo-hyun, Vice Chairman of Lotte Chemical, said, "Through operating in-house ventures, we are fostering a challenging and creative culture while seeking new growth engines and injecting diverse ideas into the organization," adding, "We will continue to sincerely support in-house ventures."

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