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.