Lotte, two SK Group units sign agreement for carbon capture

Lotte and the subsidiaries of SK Group- SK IE Technology Co. and SK Innovation Co. have signed a memorandum of understanding (MOU) aimed at entering the carbon capture market.

Collaboratively, the trio will focus on the development and investment in carbon capture technologies, with a specific emphasis on advancing high-performance separator membrane technology.

The primary objective of this partnership is to leverage the combined expertise and resources of SK Innovation, SK IET, and Lotte Chemical to create efficient and effective solutions for capturing carbon emissions.

This collaboration follows Lotte’s successful operation of a carbon capture demonstration facility at its Yeosu petrochemical complex, which has been in operation since 2022. The facility, producing synthetic resins and other chemical products, is committed to reducing greenhouse gas emissions and contributing to the global fight against climate change.

Moreover, Lotte achieved a significant milestone last year by finalising the design of a carbon capture process for gas separator membranes, tailored specifically for the petrochemical industry. This accomplishment marked the first instance of a domestic chemical company in South Korea developing such a process for commercial use.

Currently, Lotte is in the process of validating the efficiency of these technologies and evaluating their potential for future business expansion.

SK Innovation and SK IET, both subsidiaries of SK Group, have been working on offsetting their carbon dioxide emissions by adopting lithium-ion battery separator (LiBS) technology. Their ultimate objective, known as “All Time Net Zero,” is to neutralise all emissions generated by the two companies by the year 2062.

By leveraging SK Innovation’s research and development capabilities, SK IET’s separator membrane technology, and Lotte Chemical’s carbon capture technology, the companies hope to create synergy and make significant advancements in the field.

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