DL E&C to Develop Global CCUS Business Models
- The company signed MOU with the Carbon Mineralization Flagship Center in Korea Institute of Geoscience and Mineral Resources
- It will expand its business to the global CCUS market by commercializing of carbon mineralizing technologies recognized by the United Nations
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.
DL E&C Co., Ltd