SKIET’s separator plant in Poland (Image courtesy of SKIET)
SEOUL, Oct. 24 (Korea Bizwire) – SK Innovation, SK IE Technology (SKIET), and Lotte Chemical have joined forces to make significant strides in the carbon capture market. On Monday, these three companies announced the signing of a Memorandum of Understanding (MOU) to foster technological and business collaboration, thereby fortifying their competitiveness in the field of carbon capture, which is at the core of CCUS (Carbon Capture, Utilization, and Storage).
Under the terms of the MOU, the three companies will work together to enhance the carbon capture process, develop advanced high-performance separator membrane processes, explore new application areas, and invest in promising carbon capture technologies. They will leverage their respective expertise and core technology in carbon capture to achieve these objectives.
SK Innovation and SKIET have entered the CCUS market, a pivotal sector for carbon reduction, as part of their commitment to achieving their “all-time net-zero” vision by 2062. Both companies are aiming to offset all carbon emissions generated since their foundation. They are also intensifying their presence in the carbon capture field by utilizing LiBS (Lithium-ion Battery Separator) technology.
In May, they jointly invested in Airrane, a specialist in gas separators, and are actively engaged in technology development to explore the separator capture market.
Lotte Chemical, which has been studying CCUS technology since 2018, established a carbon capture demonstration facility at its Yeosu production plant in 2021 and has been conducting research and operational activities.
Last year, Lotte Chemical became the first domestic chemical company to complete the commercial design of a gas separator carbon capture process suitable for the petrochemical industry. The company is now actively pursuing technology verification and commercialization.
Kang Dong-soo, Head of SK Innovation’s Portfolio Divisional Group, expressed his optimism, stating, “This agreement will pave the way for SK Innovation’s R&D capabilities and SKIET’s separator technology competitiveness to synergize with Lotte Chemical’s carbon capture demonstration experience. Together, we are poised to take the lead in the carbon capture market.”
Hwang Min-jae, Director of Lotte Chemical’s Advanced Institute of Technology, emphasized the importance of the agreement, noting, “The synergy generated among companies holding core technologies will not only contribute to carbon emission reductions but also expand our future business portfolio. It provides an opportunity for the petrochemical industry to proactively realize the national carbon neutral policy.”
Kevin Lee (kevinlee@koreabizwire.com)
