South Korea’s SK Group subsidiaries SK IE Technology Co., SK Innovation Co. and Lotte Chemical have announced their partnership by signing a memorandum of understanding on Oct. 23 with the goal of entering the carbon capture market.
These three will collaborate to develop and invest in carbon capture technologies, especially focusing on high-performance separator membrane development. The aim of the partnership is to combine the expertise and resources of the three firms involved to develop efficient carbon capture solutions.
Before this collaboration, Lotte Chemical successfully operated a carbon capture demonstration facility at its Yeosu petrochemical complex since 2021. The facility, which manufactures synthetic resins and other chemical products, aims to lower greenhouse gas emissions and to address climate change.
Lotte Chemical has installed the testing facility for carbon capture utilization at Yeosu since 2021. (Photo: Lotte Chemical)
Lotte Chemical also achieved a huge milestone last year by completing the design of a carbon capture process for gas separator membranes, specifically tailored for the petrochemical industry. This marked the first time a local chemical firm in South Korea has designed such a process for commercialization.
The company is currently in the process of verifying the effectiveness of these technologies and assessing the potential for future business expansion.
SK Innovation and SK IET have been working on offsetting their CO2 emissions by adopting lithium-ion battery separator (LiBS) technology. Their ultimate objective, known as “All Time Net Zero,” is to neutralize all emissions generated by the two firms by 2062.
The two SK group’s subsidies jointly invested in AIRRANE, a gas separator membrane developer, to pioneer the development of membranes used for carbon separation and capture from air.
Through leveraging SK Innovation’s research and development capabilities, SK IET’s separator membrane technology, and Lotte Chemical’s carbon capture technology, the partners hope to create synergy and make significant advancements in the field.