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LOTTE Chemical Completes Substantiation for CCU Technologies for Carbon Neutrality, Speeding Up Efforts for CO2 Capture Commercialization and Strengthening the Eco-friendly Battery Materials Business
2021.12.06
LOTTE Chemical Completes Substantiation for CCU (Carbon Capture and Utilization) Technologies for Carbon Neutrality Speeding Up Efforts for CO2 Capture Commercialization and Strengthening the Eco-friendly Battery Materials Business
■ First among Korean chemical companies to complete construction and testing of carbon capture pilot facilities applying membrane gas
at the Yeosu Plant... Began plant design for commercialization and reviewing to expand 200,000 ton CO2 capture facilities by investing
approximately 60 billion KRW by 2023
■ Inject raw materials such as highly pure EC(Ethylene Carbonate), DMC(Dimethyl Carbonate), which are secondary battery electrolyte organic solvents using CO2
■ Invest a total of 300 billion KRW such as high-purity EC and DMC production equipment and related businesses
■ Basic Materials President Hwang Jin-koo state, “We will become the first in the world to commercialize membrane gas-based CCU facilities”
■ Plans to expand CO2 capture and utilization to 500,000 tons annually by 2030... Reduce greenhouse gas emissions and
■ Basic Materials President Hwang Jin-koo state, “We will become the first in the world to commercialize membrane gas-based CCU facilities”
■ Plans to expand CO2 capture and utilization to 500,000 tons annually by 2030... Reduce greenhouse gas emissions and
expand future business portfolio
LOTTE Chemical announced that it has completed verification of CCU equipment applying membrane gas for the first time among Korean chemical companies and began plans for commercialization.
In March of this year, LOTTE Chemical installed CCU pilot facilities at Yeosu Plant 1 and conducted test operations for nine months. Through this, performance verification of carbon capture membrane gas was completed, and it reached the design stage for facility commercialization based on the data and operating technologies collected and analyzed during the testing process.
LOTTE Chemical plans to conduct economic feasibility reviews in the future and invest approximately 60 billion KRW to build a 200,000 ton CO2 capture and liquefaction facility at the Daesan Plant with the goal of beginning commercial production in the second half of 2023.
According to the ESG business strategy 『Green Promise 2030』 announced in February of this year by the LOTTE Group chemical sector, LOTTE Chemical is focusing on expanding carbon-neutral growth and eco-friendly businesses. As stronger greenhouse gas emission regulations and increase of carbon emission prices, etc. have become major industrial issues, LOTTE Chemical has been actively reviewing CO2 capture and utilization technologies to come up with a fundamental solution.
The membrane gas-based carbon capture facility that recently completed testing has less environmental pollution and simpler process compared to wet/dry capture equipment that use absorbents with chemical substances, and it is featured by relatively lower operation costs and that it can be installed even at small sites.
LOTTE Chemical teamed up with the domestic small giant ‘Air Rane’ that possesses platform technologies for polymer membrane gas to begin commercialization of CCU. Using the 50 billion KRW ESG fund that was established for the first time among Korean chemical companies, 5 billion KRW in equity investments was provided to Air Rane in September, and the two companies are cooperating to procure eco-friendly technologies.
Basic Materials President Hwang Jin-koo stated, “We will actively pursue climate change response and carbon-neutral growth through CCU technologies and procure products, resourcing and technological licensing of captured CO2 to help strengthen future competitiveness,” while adding, “We will realize CCU facility commercialization using membrane gas for the first time in the world by utilizing our plant operation knowhow and technological strengths.”
LOTTE Chemical plans to inject the CO2 captured using the CCU equipment as raw materials for EC, DMC and the plastic material PC, which are materials for electrolyte organic solvents for EV batteries, while also selling it as raw materials for dry ice and semiconductor cleaning solutions.
LOTTE Chemical is planning to invest a total of 300 billion KRW in highly pure EC and DMC production facilities and related businesses, and it will internally procure raw materials using the CCU facilities to not only improve profitability through a raw material-product value chain, but also procure business competitiveness in accordance to the growing EV battery materials market across the world.”
In the future, LOTTE Chemical plans to expand the facilities at the Yeosu plant and apply CCU technologies for green methanol production, etc. to increase the CO2 collection and utilization scale to 500,000 tons by 2030. Through this, it plans to not only reduce greenhouse gas emissions and expand its future business portfolio, but also create opportunities to become the first to realize national carbon-neutral policies in the petrochemical industry.
In March of this year, LOTTE Chemical installed CCU pilot facilities at Yeosu Plant 1 and conducted test operations for nine months. Through this, performance verification of carbon capture membrane gas was completed, and it reached the design stage for facility commercialization based on the data and operating technologies collected and analyzed during the testing process.
LOTTE Chemical plans to conduct economic feasibility reviews in the future and invest approximately 60 billion KRW to build a 200,000 ton CO2 capture and liquefaction facility at the Daesan Plant with the goal of beginning commercial production in the second half of 2023.
According to the ESG business strategy 『Green Promise 2030』 announced in February of this year by the LOTTE Group chemical sector, LOTTE Chemical is focusing on expanding carbon-neutral growth and eco-friendly businesses. As stronger greenhouse gas emission regulations and increase of carbon emission prices, etc. have become major industrial issues, LOTTE Chemical has been actively reviewing CO2 capture and utilization technologies to come up with a fundamental solution.
The membrane gas-based carbon capture facility that recently completed testing has less environmental pollution and simpler process compared to wet/dry capture equipment that use absorbents with chemical substances, and it is featured by relatively lower operation costs and that it can be installed even at small sites.
LOTTE Chemical teamed up with the domestic small giant ‘Air Rane’ that possesses platform technologies for polymer membrane gas to begin commercialization of CCU. Using the 50 billion KRW ESG fund that was established for the first time among Korean chemical companies, 5 billion KRW in equity investments was provided to Air Rane in September, and the two companies are cooperating to procure eco-friendly technologies.
Basic Materials President Hwang Jin-koo stated, “We will actively pursue climate change response and carbon-neutral growth through CCU technologies and procure products, resourcing and technological licensing of captured CO2 to help strengthen future competitiveness,” while adding, “We will realize CCU facility commercialization using membrane gas for the first time in the world by utilizing our plant operation knowhow and technological strengths.”
LOTTE Chemical plans to inject the CO2 captured using the CCU equipment as raw materials for EC, DMC and the plastic material PC, which are materials for electrolyte organic solvents for EV batteries, while also selling it as raw materials for dry ice and semiconductor cleaning solutions.
LOTTE Chemical is planning to invest a total of 300 billion KRW in highly pure EC and DMC production facilities and related businesses, and it will internally procure raw materials using the CCU facilities to not only improve profitability through a raw material-product value chain, but also procure business competitiveness in accordance to the growing EV battery materials market across the world.”
In the future, LOTTE Chemical plans to expand the facilities at the Yeosu plant and apply CCU technologies for green methanol production, etc. to increase the CO2 collection and utilization scale to 500,000 tons by 2030. Through this, it plans to not only reduce greenhouse gas emissions and expand its future business portfolio, but also create opportunities to become the first to realize national carbon-neutral policies in the petrochemical industry.
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