Lotte and SK Group subsidiaries SK IE Technology Co. and SK Innovation Co. have recently announced their partnership by signing a memorandum of understanding (MOU) aimed at entering the carbon capture market.
The three companies will work together to develop and invest in carbon capture technologies, specifically focusing on high-performance separator membrane development.
The aim of the collaboration is to combine the expertise and resources of the three companies involved—SK Innovation, SK IET, and Lotte Chemical—in order to develop efficient carbon capture solutions.
This collaboration comes after Lotte successfully operated a carbon capture demonstration facility at its Yeosu petrochemical complex since 2022. The facility, which manufactures synthetic resins and other chemical products, aims to reduce greenhouse gas emissions and contribute to the fight against climate change.
Lotte also accomplished a major 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 domestic chemical company in South Korea has designed such a process for commercialization.
Currently, Lotte is in the process of verifying the effectiveness of these technologies and assessing 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 neutralize all emissions generated by the two companies by the year 2062.
The two companies jointly invested in Air Rane, a gas separator membrane developer, to pioneer the development of membranes used for carbon separation and capture from air.
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.