CarbonCo

CARBONCO signed a Memorandom of Understanding (MoU) with CO2CRC, an Australian non-profit research organization for joint development and commercialization of low emission technologies.

The agreement was signed at ‘ROK-AUS CCUS-Hydrogen Business Seminar’ held at Sheraton Grand Sydney in Australia on the afternoon of 30th Oct, 2023 (local time). This event was hosted by the Ministry of Trade, Industry and Energy (MOTIE) of Korea and organized by Korea CCUS Association and H2HOREA.

CARBONCO announced that with this MoU, they will lead the development of technology to achieve Net Zero globally, together with CO2CRC in Australia. They also added that efforts will continue to improve the efficiency of the developed technology and commercialize it.

On September 27th to 28th, 2023, CARBONCO hosted a booth at the Carbon Capture Technology Expo Europe 2023 in Bremen, Germany. The following expo has been held annually in Germany since 2020, attracting major global companies to discuss and share the ideas in terms of CCUS (Carbon Capture, Utilization, & Storage) Business and Clean Hydrogen.

During the period, CARBONCO performed its global external marketing with regards to its state-of-art technology in CCUS and Clean Hydrogen. While having in-depth discussions with various global and local companies, especially emitter, project developer, and technology provider, CARBONCO strengthened its global presence.

CARBONCO will participate in the upcoming next events, such as Carbon Capture Technology Expo Europe 2024, Carbon Capture Technology Expo North America 2024, and Carbon Capture 2023. Carbon Capture Technology Expo Europe 2024 will be held in Hamburg, Germany. CARBONCO is now targeting to solidify its global/local position as a leading entity in the CCUS and Clean Energy industry by participating and hosting a booth in various expos.

LINK: LinkedIn CARBONCO is presenting at Carbon Capture Technology Expo 2023 in Bremen

• Carbon capture, utilization, and storage (CCUS) is a crucial pathway to lowering carbon emissions from power generation to near-zero levels
• MoU to align GE Vernova’s expertise in combined cycle power plant integration with carbon capture plants, CARBONCO’s leadership in CCUS technology, BP’s know-how in carbon transportation and sequestration, and Jawa 1 and PLN Nusantara’s installed base in Indonesia
• Collaboration to pave the way for Indonesia's energy transition to net zero by 2060

Jakarta, Indonesia – Sept 11th, 2023— CARBONCO, a company specializing in decarbonization solutions established by DL E&C Co., Ltd (KRX: 375500) and GE Vernova’s Gas Power (NYSE: GE) today announced the signing of a Memorandum of Understanding (MoU) together with subsidiaries of Indonesia’s national utility PLN, PLN Nusantara Power (PLN Nusantara), PT Jawa Satu Power (Jawa 1), and BP, an international oil and gas company, to jointly develop carbon capture solutions for natural gas combined cycle plants in Indonesia, powered by GE Vernova power technology. The joint commitment aligns with efforts to bolster Indonesia’s energy transition towards a lower-carbon future rapidly and with scale, especially in the power generation sector. The MoU was signed at the 1st International & Indonesia CCS Forum 2023 which takes place from 11-12 September at Mulia Hotel.

The MoU builds on an announcement made in October 2022, by CARBONCO and GE to jointly explore a roadmap for the integration of CCUS technology with gas-fired power plants in Asia and the Oceania regions, powered by GE Vernova power technology. Both parties have since, identified and developed tangible opportunities based on economic viability and project feasibility. Today’s MoU with BP, PLN Nusantara Power, and Jawa1 serves as a critical milestone in paving the way to accelerate the adoption of CCUS technologies in Asia.

Under the agreement, PLN Nusantara, Jawa 1, CARBONCO, BP and GE Vernova will collaborate on a feasibility study to develop a carbon capture, utilization, and storage (CCUS) value chain and joint solutions to decarbonize gas power plants in Indonesia. The collaboration will explore CO2 injection and storage in Tangguh, a liquefied natural gas (LNG) project located in Teluk Bintuni, Papua Barat province. The collaboration will address the entire CCUS value chain of CCUS, from the implementation of carbon capture technology in gas-fired power plants to the transportation of CO2 to import and export terminals as well as the sequestration of captured CO2 at the Tangguh Site. The study endeavors to achieve a deeper understanding of the development of a CCUS value chain for Indonesia as the sequestration hub for the region.

GE Vernova will build on its recognized experience in advanced technology and controls to integrate combined cycle power plants with CARBONCO’s CCUS technology. With proven expertise in gas combined cycle plant engineering, operability, and plant integration with carbon capture plants, GE Vernova will lead integration with the goal of ensuring dispatchability, lower carbon intensity, high flexibility and reliability, and lower capital cost.

CARBONCO will deploy its technological capabilities and experience in CCUS that is backed by more than 20 years of experience executing a variety of global decarbonization projects. In addition, CARBONCO has successfully completed FEED (Front-End Engineering Design) and detailed engineering designs for the carbon capture of 3,000TPD scale. CARBONCO will capitalize on its strengths in standardization and modularization towards the joint study to ensure quality standards and de-risk uncertainties.

“GE Vernova continues to play a crucial role in supporting the advancement of the region’s energy goals, working alongside global and local players such as CARBONCO, BP, PLN Nusantara and Jawa 1.” said Ramesh Singaram, Asia President & CEO of GE Vernova’s Gas Power business. “We are especially focused on developing crucial breakthrough energy technologies such as carbon capture, and are pleased that this collaboration will pave the way for a robust value chain that will help address carbon emissions reduction in the power sector and support climate change commitments in Indonesia.”

Dr. Sang Min Lee, CEO of CARBONCO states that “The top priority of CARBONCO’s business agenda is to alleviate climate change in the world. Being a global player, CARBONCO is working tirelessly to transition the region’s power industry towards cleaner energy more efficiently and effectively. Working alongside global and local players such as GE Vernova, BP, PLN Nusantara and Jawa1 is vital to ensure our business is on the right track. We are confident that today’s agreement will further accelerate our big movement, and CARBONCO and GE will continue to assess the global market for tangible projects with the right integration model.”

The Tangguh CCUS project carried out by bp is the most advanced CCUS project in Indonesia with a development plan that has received approval from the Government of Indonesia in 2021, for ongoing FEED work and planned project sanction in the near future. Holding ca 1.8 GtCO2 in ultimate storage capacity, Tangguh is well-positioned and has tremendous potential to become the country’s first CCS hub for domestic and international emitters. For the initial phase at Tangguh, bp plans to inject 30+ million tons of CO2 back into the reservoir to help recover additional gas production through Enhanced Gas Recovery (EGR). This will be the first large scale CCUS project with EGR in the world.

Kathy Wu, BP Regional President Asia Pacific, Gas & Low Carbon Energy, commented: “As an energy company who has been a long time strategic partner for Indonesia and being the most advanced CCUS hub project in the country, we aim to play an active role in supporting Indonesia to achieve its Net Zero target. Together with PLN Nusantara, Jawa 1, GE and CARBONCO, we will pave the way for the decarbonization of Indonesia’s power plants with potential CO2 injection in Tangguh.”

• Signs an agreement with Jeju Energy Corporation, Gaoncell, and ThyssenKrupp
• Leverages P2X technology which stores and utilizes renewable energy in the form of methanol

CARBONCO announced that it has signed an agreement with Jeju Energy Corporation, Gaoncell, and ThyssenKrupp to produce e-methanol (eco-friendly electricity-based methanol) using environmentally favorable energy sources.

The agreement ceremony was held at the ThyssenKrupp Carbon Chemical Conversion Technology Center in Duisburg, Germany on August 31, at 2 p.m. (local time), and was attended by CARBONCO Business Performance Director Mr. Kyung-ho Seo, ThyssenKrupp Head of Process Methanol at Carbon2Chem Technology Center Dr. Alexander Schulz, Jeju Energy Corporation Director Mr. Song-do Kim, and Gaoncell CEO Mr. Kyeong-yong Yoon.

The agreement aims to combine the strengths and expertise of each company to construct a renewable energy storage system to achieve the Jeju Island's vision of Carbon Free Island (CFI). In particular, this project is catching attention as Korea's first Power to X (P2X) project driven by public-private collaboration. P2X is a conversion technology that stores and utilizes renewable energy with inconsistent output in numerous forms such as hydrogen, methanol, and ammonia.

Under the agreement, Jeju Energy Corporation will supply renewable energy by harnessing wind power and other renewable sources. This renewable energy will be used to produce green hydrogen through the electrolysis of water into oxygen and hydrogen. The green hydrogen will be synthesized with the carbon dioxide captured from the nearby emission sources as e-methanol. ThyssenKrupp will offer the primary facilities for green hydrogen generation as well as technology and facilities as the original technology licensor for the e-methanol production process. Gaoncell will engage in the entire business development and operation as a future buyer of generated e-methanol for use as a raw material in fuel cells that supplies to the market.

CARBONCO will be in charge of developing and running a business that captures and supplies carbon dioxide as a raw material for e-methanol using its own carbon capture and storage technologies. Furthermore, the company will be involved in all aspects of the project, from engineering design to procurement of equipment and construction as well as operation and maintenance of e-methanol production facilities.

Mr. Sang-min Lee, CEO of CARBONCO, said, “The e-fuel market, including e-methanol, is expanding on a global scale as a method to utilize captured carbon dioxide. Based on the synergy effects acquired via this partnership, we will evolve into a company that can deliver more diversified solutions across the value chain for carbon capture, utilization, and storage."

CARBONCO, a CCUS(Carbon Capture, Utilization, and Storage) specialist established by DL E&C, is collaborating with Veolia, the world's largest environmental services company, to work towards achieving carbon neutrality.

On June 27, at the D Tower Donuimun Building, CARBONCO signed a comprehensive collaboration agreement with Veolia Korea to integrate CCUS solutions into both domestic and international projects, aiming to realize a carbon-neutral society. Additionally, they also signed a feasibility study contract to explore the introduction of CARBONCO's CCUS solutions to Veolia's s various local and global businesses.

The Veolia Group is specialized in providing ecological solutions in water, waste, and energy sectors around the world, and through this business agreement with CARBONCO, it also seeks to promote the CCUS solutions in various global business areas of the Veolia Group.

Through the Feasibility Study agreement in conjunction with the MOU, CARBONCO will conduct research and solutions for the introduction of carbon capture facilities at Veolia’s local plants and the utilization of the captured carbon, which will provide effective ways to expand Veolia’s ecological business portfolio.

“Veolia works with various industrial partners and local authorities to provide professional services in the water, waste and energy sectors, and together with environmental solution companies like CARBONCO, we are committed to establishing a global decarbonized society,” said Hervé Péneau, CEO & Rep. director of Veolia Korea. “Veolia looks forward to contributing to national and global efforts to reduce carbon emissions and combat climate change in our business areas that are essential to our customers and communities,” he said.

Sangmin Lee, CEO of CARBONCO, remarked, “Veolia is a world champion in water and waste management and energy services with the professional and operational excellence and management capabilities through references working with the outstanding companies in Korea.” He continued, "Starting with our experience in commercializing carbon capture at the first power plant in South Korea, CARBONCO has expertise in designing various carbon capture facilities. Through our collaboration with Veolia, we plan to provide tailored carbon-neutral solutions domestically and internationally, expanding our business."

DL E&C and CARBONCO announced on the 4th that they have signed a memorandum of understanding (MOU) with Environmental Corporation of Incheon and the Ministry of Science and ICT's Carbon Mineral Flagship Project Team for “Achieving and Realizing 2050 Carbon Neutrality."

This agreement was made in conjunction with the 56th Annual Meeting of the Asian Development Bank being held in Incheon.

The participating organizations and companies plan to collaborate on the development of environmental technology to address global climate change, including in Asia.

To this end, they have agreed to cooperate in the joint development of carbon capture, utilization, and storage (CCUS) technologies, as well as their commercialization both domestically and internationally.

Furthermore, they plan to work together to achieve climate-friendly urban infrastructure through the carbon mineralization technology and foster human resources for the domestic and international expansion of climate-related industries.

The Carbon Mineral Flagship Project is a cross-ministry initiative led by the Ministry of Science and ICT and jointly established by the Ministry of Trade, Industry and Energy and the Ministry of Environment, aimed at reducing greenhouse gas emissions through carbon resource utilization.

In addition to carbon mineralization technology, they are conducting various research and development activities for carbon reduction and the resourceization of industrial waste through the commercialization of environmental technologies in response to climate change.

In January, DL E&C, CARBONCO, the Carbon Mineral Flagship Project Team, and Kangwon National University signed a memorandum of understanding focusing on "technology transfer and commercialization through research and development of carbon mineralization projects" with Hanoi University of Mining and Geology.

They are currently promoting local business development through active collaboration with Vietnamese state-owned enterprises that operate power plants and mines.

Yoo Jae-ho, Head of DL E&C Plant Business Division, stated, "We are focusing on advancing CCUS technology as a key solution for global climate change," and he added, "We plan to expand decarbonization businesses not only in the domestic market but also in the global market together with CARBONCO.”

SEOUL, South Korea--(BUSINESS WIRE)--CARBONCO, a company specializing in decarbonization solutions established by DL E&C Co., Ltd (DL ENGINEERING & CONSTRUCTION) (KRX: 375500), signed a memorandum of understanding (MOU) with Saudi Arabia's Saline Water Conversion Corporation (SWCC) on January 17th, 2023 in Riyadh, the capital of Saudi Arabia, on the Carbon Capture Utilization and Storage (CCUS) Project.

SWCC is an affiliated organization under the Saudi government and operates the world's largest seawater desalination facility. It is also the second largest electricity producer in Saudi Arabia. Through its research center, SWCC is leading carbon reduction projects in the field of seawater desalination and power generation using renewable energy in Saudi Arabia.

CARBONCO and SWCC have agreed to cooperate on the adoption of CCUS technology, which captures carbon from power plants operated by SWCC and utilizes it in the seawater desalination post-treatment process. Both parties plan to collaborate across the CCUS business development, including commercial CCUS plant construction, based on business feasibility analysis and basic design research for the application of CCUS technology. Furthermore, the two companies will carry out joint research on various CCUS projects which encompass biological and chemical conversion, mineralization, and storage of carbon that are feasible in Saudi Arabia.

Tariq Al Ghaffari, General Manager of SWCC Local Competence Projects Department said, "SWCC is working on the seawater desalination project using renewable energy to take the initiative in realizing Saudi Arabia's VISION 2030."

“CARBONCO is committed to advancing CCUS technology to apply it to diverse fields, while striving to provide total solutions for CCUS” explained Jae-hyung Yoo, Chief Executive, Business Development Office, CARBONCO. “If CARBONCO’s CCUS technology is applied to the seawater desalination process, it will become a tailored solution for carbon neutrality in Saudi Arabia.”

Meanwhile, CARBONCO was the only Korean company invited to the EVOLVE 2023 forum hosted by SWCC to exchange vision and technology for Saudi Arabia's seawater desalination project.

DL E&C established CARBONCO last August as a company specializing in the CCUS business in an attempt to expand its eco-friendly decarbonization business. CARBONCO is conducting a green developer business which includes hydrogen and ammonia business as well as CCUS.

CARBONCO and DL E&C announced on the January 19, 2023 that they will push forward on the 'Carbon Mineralization Flagship Business' in Vietnam. In order to achieve this goal, on the 18 January, the Hanoi University of Mining and Geology (HUMG), the Carbon Mineralization Flagship Center under the Ministry of Science and ICT of the Republic of Korea, and Kangwon National University has signed a memorandum of understanding (MOU) which is focusing on 'Collaboration for technology transfer and commercialization through research and development of carbon mineralization business' in Vietnam. This MOU was signed according to the fact that signing of a MOU between the Vietnam Institute of Geosciences and Mineral Resources under the Ministry of Natural Resources and Environment of Vietnam and the Carbon Mineralization Flagship Project Group on the previous day, the 17th.

In 2018, cooperation between the Korean and Vietnamese governments set the foundation for joint research and human resource exchanges in related fields. It could be expected that active cooperation between the Carbon Mineral Flagship Center and Vietnamese government firms which have power plants and mines from the technology transfer to local commercialization.

The Carbon Mineralization Flagship Project in Korea is a cross-governmental project jointly initiated by the Ministry of Trade, Industry and Energy and the Ministry of Environment under the supervision of the Ministry of Science and ICT to reduce greenhouse gas emissions and seek carbon neutralization. It could implement various R&D activities for carbon reduction and industrial waste recycling by using carbon mineralization technology.

Carbon mineralization is a technology that chemical reactions involving coal ash as a waste product from power plants or wasted concrete from the construction process, and carbon, to then stores and utilizes it. CARBONCO and DL E&C have acquired the technology to produce eco-friendly recycled aggregates and building materials. It could reduce the carbon footprint and operation costs. This technology has been approved and announced by the United Nations Framework Convention on Climate Change (UNFCCC) as the Clean Development Mechanism (CDM). Moreover, the use of this technology is expected to favor international business expansion because of technological dominance.

Yoo Jae-hyung, CARBONCO Chief Executive, said, “We are focusing on advancing carbon capture, utilization, and storage (CCUS) technology, which is a key technology to figure out the climate change. Furthermore, we will actively support greenhouse gas reduction with Vietnamese government firms and the Carbon Mineralization Flagship Project Team by suppling the total solution service of carbon reduction. Through this cooperation, we plan to actively develop carbon reduction projects, including carbon utilization technologies, beyond Vietnam and into the global market. ”

October 24, 2022,DL E&C and CARBONCO announced the signing of a Memorandum of Understanding (MoU) to jointly explore a roadmap for Carbon Capture, technology integration with natural gas combined cycle plants in Asia and Oceania, powered by GE power technology. The collaboration aligns with GE’s commitment to support the region’s transition towards a lower-carbon future in the power generation sector, rapidly and with scale.

As part of the MoU, DL E&C, CARBONCO and GE will collaborate to advance the adoption of low carbon gas power plants by embedding carbon capture expertise. All three parties will identify and develop potential project opportunities for an existing or new combined cycle power plant, as well as conduct feasibility and front-end engineering design (FEED) studies to explore possible locations to implement CCUS technologies within a combined cycle power plant. DL E&C and CARBONCO together with GE will also jointly explore the commercialization of CCUS technologies integrated with combined cycle power plants for interested customers.

With the goal of deploying post combustion treatment of CO2 for power plants, DL E&C and CARBONCO will build on its recognized experience in CCUS technology along with GE’s advanced technology and control concepts to integrate combined cycle power plants.

“GE continues to play a critical role in supporting the advancement of the region’s energy goals, working alongside local players such as DL E&C, and we are especially focused on developing crucial breakthrough energy technologies such as carbon capture,” said Ramesh Singaram, President & CEO GE Gas Power Asia. “In Asia, GE has a significant installed base of over 1,300 gas turbines, providing electricity for customers and communities across the region. We are pleased this collaboration will pave the way for GE gas turbine customers to pursue the adoption of CCUS technologies and significantly contribute towards addressing CO2 emissions reduction in the power sector and support climate change commitments across Asia.”

Under the agreement, DL E&C and CARBONCO will deploy its technological capabilities and experience in CCUS which includes: solutions that are currently able to manage more than 3,000 tons per day (1 million tons per year), a standardized model based on industry needs, modularization that enables quality control and risk management, as well as methods to transform collected CO2 into valuable compounds, such as liquid carbonic acid or carbon mineralization, for recycling or domestic and international storage.

DL E&C and CARBONCO had signed a statement of cooperation on ‘the development of the Hydrogen Industry in South Australia ' with the South Australian government on October 13th.

The signing ceremony was attended by DL E&C CEO, Chang-min Ma, CARBONCO Chief Executive of Business Development Office, Jae-hyung Yoo, and South Australian Prime Minister, Peter Malinauskas.

They joined hands to accelerate the development of the hydrogen economy to decarbonise industry in South Australia through the following areas ▲Deepening relationships for the production of hydrogen and its derivative products ▲The development of a hydrogen export strategy and strategic partnerships ▲Fostering advances in new technologies and industrial opportunities through research partnerships and projects ▲Enabling a national hydrogen network of supply and applications.

Earlier, the South Australian government announced a plan to produce 100% renewable energy by 2030 with the goal of becoming a world-class clean hydrogen supply source. To achieve this goal, it plans to promote a bill related to the acceleration of the hydrogen economy.

DL E&C official said, “Through this cooperation, we plan to expand our business around the world by establishing a decarbonization and clean hydrogen business model necessary to solve the climate change problem. We will be reborn as a global eco-friendly company by rapidly strengthening new businesses such as carbon capture, utilization and storage (CCUS) as the main axis.”

SEOUL, South Korea, August 22, 2022 (BUSINESS WIRE)--DL E&C Co., Ltd (KRX: 375500), a leading EPC company in South Korea, will advance to the global carbon capture, utilization, and storage (CCUS) market in collaboration with KEPCO Korea Electric Power Research Institute (KEPRI), taking advantage of carbon capture technologies developed in Korea. DL E&C concluded on August 19, 2022, with KEPRI a memorandum of understanding (MOU) for comprehensive cooperation on ‘KEPCO CO2 Solvent (KoSol) and DL CCUS Overseas Business’ at its office in D-Tower Donuimun building in Seoul. Under the MOU, the two parties will cooperate on the mutual exchange of technologies in order to enter overseas CCUS markets, and DL E&C intends to adopt KEPRI’s carbon capture technology when expanding its business into overseas markets. Building on outstanding technological competitiveness and experiences in CCUS-related business, DL E&C will provide customized solutions to customers that will enable them to achieve carbon neutrality and the ESG vision. DL E&C intends to support KEPRI’s unique technology to be adopted by overseas companies while cooperating for the advancement of technologies. Through this cooperation, the company will demonstrate the excellence of Korea’s CCUS technologies in the global market and establish a foothold as a technological power in carbon neutrality. KEPRI owns the technology for selectively absorbing and separating carbon being generated in large volumes when fossil fuel combusts. This technology, called KoSol, has been evaluated to be the closest to commercialization among carbon capture technologies in Korea as it is reliable and economically feasible. DL E&C is expanding the CCUS market from Korea to other countries. The EPC company signed a preferential contract agreement with NeuRizer, an eco-friendly fertilizer manufacturer in Australia, in March this year to provide a conceptual and basic design for constructing CCUS facilities. The company aims to achieve orders of KRW 1 trillion (USD 750 million) in accumulation over three years between 2022 and 2024 in CCUS-related business alone by expanding overseas business, starting with Australia. Further, it intends to gain orders of KRW1 trillion annually between 2025 and 2027 by augmenting its presence in the global market and then increase the amount of orders to KRW 2 trillion (USD 1.5 billion) annually after 2030. "KEPRI holds world-class carbon capture technologies, and DL E&C also has the experience of commercializing the Korea-first carbon capture plant and world-level carbon capture plant design capabilities," said Jae-ho Yoo, Executive Director for Plant Business at DL E&C. "We plan to actively publicize Korea’s CCUS technologies to overseas ordering organizations and maximize mutual synergy effects by striving to help overseas organizations adopt these technologies."

Formerly Leigh Creek Energy, emerging urea producer NeuRizer (ASX: NRZ) has secured master engineering company DL E&C Co Ltd to undertake the front-end engineering and design (FEED) for a carbon capture and storage (CCS) facility at its namesake South Australian project. DL is already progressing the NeuRizer urea project’s bankable feasibility study. As part of its engineering work, DL provides CCS solutions for numerous applications including refining, petrochemical, oil and gas and power plants.

Carbon negative Of note in the CCS field, DL has completed a FEED study for a supersized 3,000tpa carbon capture plant. The engineering company has also demonstrated what NeuRizer describes as a “a world first achievement” in delivering carbon negativity for a project in South Korea. The South Korean project involved removing more carbon dioxide from the atmosphere than produced. It did this by combining bioenergy with carbon capture and utilisation (BECCU) and its is currently performing successfully with more than 15,000 hours of continuous operation without any unplanned outage. NeuRizer managing director Phil Stavely said DL was chosen because of its “industry leading, proven and tested, CCS solutions.” “DL’s technology has been successfully integrated into South Korean commercial facilities – well ahead of any other competitor.”

First in Australia Mr Stavely said DL’s CCS solution at the NeuRizer project will make it the first in Australia. “This aligns with our ongoing commitment to being at the forefront of technological solutions that further agricultural output without the unnecessary impact to our surrounding environment.” The CCS facility will be constructed under stage one for the urea project. Meanwhile, DL’s work on the bankable feasibility study for the project has “made substantial progress”. NeuRizer expects to make a final investment decision once the study has been completed in the December quarter. The company says its namesake project is of “national significance” to Australia. NeuRizer aims to deliver a low-cost, high-quality nitrogen-based fertiliser for local and export markets. The project is expected to produce 1 million tonnes a year of urea, with the potential to increase output to 2Mtpa.

Business Wire SEOUL, South Korea -- March 10, 2022 DL E&C (KRX:375500), a leading company specializing in EPC in South Korea, expands business to the area of utilizing carbon. DL E&C announced today that it signed a memorandum of understanding (MOU) with the Carbon Mineralization Flagship Center in Korea Institute of Geoscience and Mineral Resources (KIGAM) on March 3, 2022 for establishing a partnership for global commercializing of carbon mineralizing technologies.

The agreement was signed at the DL E&C's headquarters in the presence of JiWhan Ahn, Director of Carbon Mineralization Flagship Center in KIGAM and Jason Jaehyung Yoo, Vice President for Head of CCUS Office at DL E&C. Under the agreement, both organizations aim to develop new business models by commercializing research and development (R&D) outcomes in carbon capture, utilization and storage (CCUS). These partners will start in March this year to build a demonstration plant for commercializing original technologies for mineralizing carbon. They will draw methods of commercially utilizing carbon and ash from coal-fired power plants as eco-friendly aggregates and construction materials. Using these methodologies, they will develop new businesses in Korea and other countries that heavily rely on coal-fired power generation such as Vietnam. “Building on our technologies and experiences recognized in construction of carbon capture plants, we will establish our leading position as a total solution provider in CCUS by expanding business to areas of utilizing and storing carbon,” said Jason Jaehyung Yoo, Vice President for Head of CCUS Office at DL E&C. CCUS-related businesses have recently drawn strong interest across the world. This is because CCUS technologies are essential for achieving carbon neutrality. The UN Intergovernmental Panel on Climate Change warned earlier that no one can achieve the target of reducing carbon emission set by the Paris Agreement without CCUS technologies. Since last year, DL E&C is concentrating capabilities on CCUS-related businesses to implement ESG (environment, society and governance) management and develop new growth engines. The company rapidly takes an advantageous position in CCUS market by promoting related businesses with Hyundai Oilbank, Seohae Green Energy and Seohae Green Environment. The Carbon Mineralization Flagship Project is an initiative of the Korean government for recovering resources from carbon to reduce greenhouse gas launched by the Ministry of Science and ICT jointly with the Ministry of Trade, Industry and Energy and Ministry of Environment. The Carbon Mineralization Flagship Center carries out a variety of R&D activities for reducing carbon and recovering resources from industrial wastes by using carbon mineralization technologies that store carbon by making captured carbon react with ash emitted from coal-fired power plants or waste concrete produced in the course of redevelopment or reconstruction of buildings. Notably, the carbon-reducing special cement developed by the Center is recognized as a world-class technology as it was approved by the United Nations Framework Convention on Climate Change (UNFCCC) for the first time as a new methodology for reducing greenhouse gas. And this technology was selected as one of the ‘best 10 technologies for addressing climate change’ sponsored by the Ministry of Science and ICT in 2021. The international recognition of the original technology developed by the Center as the one for reducing greenhouse gas contributed to building a foundation for exporting technologies.