SK Innovation Opens 4th 'Egg' Recruitment... Partners with 창업진흥원 to Foster 'Environmental Startups'

Recruitment of Egg Participating Companies Starts from the 30th
Newly Established Environmental DT and ESG Service Sectors

Poster for recruiting companies participating in the 4th batch of SK Innovation's environmental startup promotion program 'Egg'. Photo by SK Innovation

SK Innovation is joining hands with the Korea Institute of Startup & Entrepreneurship Development to support the growth of environmental startups.

On the 28th, SK Innovation announced that it is recruiting startups to participate in the 4th cohort of the environmental startup promotion program "Egg." The name "Egg" signifies the collaboration between "SK" Innovation and "Green" ventures, and it is part of the "2024 Startup Leap Package Large Corporation Collaboration Program" operated by the Korea Institute of Startup & Entrepreneurship Development.

SK Innovation plans to discover and nurture environmental startups by sharing business infrastructure and operational know-how. The goal is to support promising and capable environmental startups to create diverse environmental values.

This year, about 10 startups will be supported not only in the fields of ▲low carbon and carbon reduction ▲resource circulation (recycling) but also in ▲environmental digital transformation (DT) ▲and ESG (environment, social, governance) ecosystem-building service provision. Companies that create environmental outcomes through digital transformation, such as carbon emission measurement management and carbon reduction blockchain, can apply under the environmental DT category. Companies contributing to ESG ecosystem building, such as biodiversity conservation and supply chain management, can apply under the ESG ecosystem-building category.

Participating companies will be selected based on their potential for collaboration with SK Innovation affiliates, innovativeness, and social impact, and will receive nurturing packages and commercialization funds. SK Innovation and nine affiliated business units will collaborate with participating companies for one year to develop cooperation models and provide growth support such as investment attraction consulting and technical advice. The Korea Institute of Startup & Entrepreneurship Development will provide up to 200 million KRW in commercialization funds per company.

Since discovering 20 startups through the first cohort of Egg in 2021, SK Innovation has nurtured about 20 startups annually. The goal is to discover and nurture 100 environmental startups by 2025.

Previously, SK Innovation successfully nurtured 51 environmental startups selected in Egg cohorts 1 to 3. Notably, "LD Carbon," a resource circulation and raw material recycling company selected in Egg 1, signed a business agreement with SK Incheon Petrochem to utilize pyrolysis oil and develop materials, and is promoting a waste tire recycling business.

Kim Yong-su, Head of ESG Promotion at SK Innovation, said, "Transitioning to a Green society requires the efforts and collaboration of the entire society. We will build a 'green ecosystem' that collaborates to solve environmental issues by discovering startups with environmental solutions in cooperation with various stakeholders."

Startups wishing to apply for the Egg program can do so online through the K-Startup website from the 30th of this month until the 23rd of next month.

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