Benzinga | Nov 16, 2021 08:18AM EST

InterPrivate III Financial Partners SPAC Merger Partner Aspiration Reports Partnership With Hanwha Life Insurance Co., Hanwha Solutions

Aspiration, the global leader in "Sustainability as a Service" solutions for consumers, companies, and governments, today announced a new partnership with Hanwha Life Insurance Company and Hanwha Solutions, two subsidiaries of Hanwha Group, to bring Aspiration's sustainability financial solutions, ESG consulting services, global reforestation program, and verified carbon offsets to the South Korean market.

Aspiration will guide Hanwha Solutions, South Korea's leading energy-to-material solution provider, on its journey to achieve net zero emissions by 2050. As part of this partnership, Aspiration will utilize its 5 billion-tree corporate reforestation program, with verified carbon credits, to help Hanwha sequester CO2 emissions to meaningfully reduce its carbon footprint.

Aspiration and Hanwha Life will also be working together to launch an ESG-centric blockchain ecosystem, backed by their extensive collective experience with high-quality, nature-based carbon credits and renewable energy credits, respectively, to help bring more transparency, scale, and liquidity to the voluntary carbon markets.

Aspiration recently entered into a merger agreement with InterPrivate III Financial Partners Inc. (NYSE:IPVF), a publicly traded special purpose acquisition company, which, upon closing, will result in Aspiration becoming a listed company as a Public Benefit Corporation, building on Aspiration's existing commitments to generate social and public good and operate in a responsible and sustainable manner.

Hanwha Group is a Fortune Global 500 company with over 50,000 employees worldwide and more than $55.6 billion in annual revenue. As Korea's premier life insurance company and ESG institutional investor, Hanwha Life is actively embracing digital transformation with the aim of becoming a leading provider of digital financial services. Hanwha Solutions, one of the world's leading total energy solutions companies, delivers a broad range of sustainable solutions through technology and innovation in their chemical, solar energy, advanced materials, and high-tech city development businesses.

"We are humbled to be trusted by such a storied and respected corporate leader in South Korea," said Andrei Cherny, Aspiration CEO and co-founder. "Hanwha is setting a powerful global example around its commitment to ESG and genuine sustainability, and Aspiration couldn't be more excited to build upon our international footprint with this new partnership with Hanwha."

Earlier this year, Aspiration opened an office in South Korea, in Yeouido, Seoul's main financial and banking district. Over the past year, Aspiration has accelerated the pace of its own enterprise commitment to plant 100 million trees by 2030 -- and coupled with the current speed at which it is planting on behalf of its individual and business customers -- Aspiration is now one of the largest corporate sponsors of reforestation in the world.