LOTTE Chemical Eco-friendly Ship Material In-company Venture ‘Eco Marine’ Spins Off
[Photo]: (Third from the left) LOTTE Chemical President & CEO Kim Kyo Hyun and (Fourth from the left) LOTTE Chemical's first in-house venture Ecomarine CEO Park Deok Hoon
■ LOTTE Chemical operating in-company venture program since ‘21... First spin off with Eco Marine Team
■ Eco Marine developed HDPE-based recyclable eco-friendly ship material, EVER MARINE... Currently engaging in material sales and technological exchange with four partner companies
■ President & CEO Kim Gyo Hyun, “By operating in-company ventures, we are forming challenging and creative cultures, while also searching for new growth engines to breathe in various ideas to the organization”... “We will continue to provide substantial support for in-company ventures”
LOTTE Chemical announced that is in-company venture ‘Eco Marine’ will spin off as an independent corporation. Eco Marine is one of the first in-company venture teams of LOTTE Chemical.
LOTTE Chemical has been operating the in-company venture ‘LICORN’ since ‘21. LICORN is the abbreviation of ‘LOTTE Chemical Inventive UniCorn’ and it represents LOTTE Chemical’s unicorn (successful venture company).
It has invited and operated the third group of ventures since the first group in ‘21, and when selected, they are offered the chance to work as an independent team with activity expenses of 200 million KRW for commercialization periods of up to 2 years. During the commercialization process, the company offers startup education and consulting, and if it is commercialized, up to 500 million KRW can be supported additionally.
The Eco Marine Team developed its eco-friendly ship material, EVER MARINE based on HDPE (High Density Polyethyelene) in order to solve the various problems that occur in ships produced using FRP (Fiber Reinforced Polymer) and aluminum, which are key materials for building small and medium ships in the past.
In order to verify the new possibilities through this, it named the boat manufactured using the materials developed by Eco Marine for the time in April 2022 as the ‘Possibility.’ The Possibility won the Boat of the Year Award at the Busan International Boat Show held in April of last year, and in May of the same year, it was also put on display at the Every Step for Green exhibition held by LOTTE Chemical at the Jamsil LOTTE World Tower. In September 1 of this year, Eco Marine’s eco-friendly ship material won the Best Idea Award at the 2023 Environmental Startup Contest.
Eco Marine is currently actively engaged in business such as material sales and technological exchange with four partner companies.
Eco Marine CEO Park Deok Hoon stated, “If plastic is collected and turned into resources well, it can be an eco-friendly material comparable to any other material.” He added, “Eco Marine’s goal is to replace domestic FRP ships, which are currently environmental issues, with LOTTE Chemical’s outstanding HDPE and EVER MARINE materials developed with the proprietary technologies of Eco Marine, and finally enter the USA, which is the largest market for leisure boats.”
LOTTE Chemical President & CEO Kim Gyo Hyun commented, “By operating in-company ventures, we are forming challenging and creative cultures, while also searching for new growth engines to breathe in various ideas to the organization,” and added, “We will continue to provide substantial support for in-company ventures.”