SEOUL, South Korea--(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.”
More information about DL E&C, can be found on the website (https://www.dlenc.co.kr/eng).