CARBONCO Signs an MOU With Saudi Arabia’s SWCC, the World’s Largest Seawater Desalination Institution, for the CCUS Project

• Seeks to introduce CCUS technology to power plants and seawater desalination processes in Saudi Arabia
• Agreed to conduct joint research in various CCUS projects in Saudi Arabia

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SEOUL, South Korea–(BUSINESS WIRE)–#CARBONCO—CARBONCO, a company specializing in decarbonization solutions established by DL E&C Co., Ltd (DL ENGINEERING & CONSTRUCTION) (KRX: 375500), signed a memorandum of understanding (MOU) with Saudi Arabia’s Saline Water Conversion Corporation (SWCC) on January 17th, 2023 in Riyadh, the capital of Saudi Arabia, on the Carbon Capture Utilization and Storage (CCUS) Project.

SWCC is an affiliated organization under the Saudi government and operates the world’s largest seawater desalination facility. It is also the second largest electricity producer in Saudi Arabia. Through its research center, SWCC is leading carbon reduction projects in the field of seawater desalination and power generation using renewable energy in Saudi Arabia.

CARBONCO and SWCC have agreed to cooperate on the adoption of CCUS technology, which captures carbon from power plants operated by SWCC and utilizes it in the seawater desalination post-treatment process. Both parties plan to collaborate across the CCUS business development, including commercial CCUS plant construction, based on business feasibility analysis and basic design research for the application of CCUS technology. Furthermore, the two companies will carry out joint research on various CCUS projects which encompass biological and chemical conversion, mineralization, and storage of carbon that are feasible in Saudi Arabia.

Tariq Al Ghaffari, General Manager of SWCC Local Competence Projects Department said, “SWCC is working on the seawater desalination project using renewable energy to take the initiative in realizing Saudi Arabia’s VISION 2030.”

“CARBONCO is committed to advancing CCUS technology to apply it to diverse fields, while striving to provide total solutions for CCUS” explained Jae-hyung Yoo, Chief Executive, Business Development Office, CARBONCO. “If CARBONCO’s CCUS technology is applied to the seawater desalination process, it will become a tailored solution for carbon neutrality in Saudi Arabia.”

Meanwhile, CARBONCO was the only Korean company invited to the EVOLVE 2023 forum hosted by SWCC to exchange vision and technology for Saudi Arabia’s seawater desalination project.

DL E&C established CARBONCO last August as a company specializing in the CCUS business in an attempt to expand its eco-friendly decarbonization business. CARBONCO is conducting a green developer business which includes hydrogen and ammonia business as well as CCUS.

Contacts

CARBONCO Pte. Ltd

Jung, Sunghoon

+82-2-2096-6810

jung@carbonco.com

DL E&C Co., Ltd

David Cho

+82-2-2011-7192

david.cho@dlenc.co.kr