SK Earthon, the green energy wing of South Korea’s SK Group, has signed a partnership agreement with British carbon capture & storage company Azuli to seek new businesses.
This partnership, which was made public today, is part of SK Earthon’s efforts to expand its business in the global energy industry.
Azuli is a leading provider of carbon capture and storage (CCS) solutions and has received more than 100 awards for its innovative technology since it was founded in 2005.
The company also operates a joint venture called UCO2 with Petronas, Malaysia’s state-owned oil and gas giant, who will be helping them pursue new opportunities in the market.
SK Earthon CEO Kim Byung-joon said that this partnership would help them “establish [their] presence as an integrated solution provider for the construction sector.”
Azuli’s technology uses CO2 gas to produce chemicals, fuels, and gasses for industrial applications and the firm currently has facilities in the UK, US and Canada that use this technology.
This partnership will enable SK Earthon to expand its market reach by offering CCS solutions to more manufacturers around the world.
The two companies will establish a JV called Azuli-SK E&C Carbon Capture & Storage Co., Ltd. The JV will provide integrated solutions for carbon management, including CO2 liquefaction and transportation, which are key technologies in the world’s future energy industry.
SK E&C expects that this partnership will bring success in both short-term projects such as liquefied natural gas (LNG) terminals and long-term projects such as carbon capture systems.