DL E&C Spearheads Carbon Neutrality by Accelerating CCUS-related Businesses

– The company intends to expand business to overall CCUS value chain covering carbon capture, utilization and storage based on its capability of designing world’s largest carbon capturing plant.

– It aims to win orders of KRW 1 trillion by 2024 in accumulation and achieve KRW 2 trillion in annual revenue in 2030.

– The company will aggressively expand into global market with customized solutions that can help realize ESG vision.

SEOUL, South Korea–(BUSINESS WIRE)–#BlueHydrogen—DL E&C (KRX: 375500), a leading company specializing in Basic Engineering / EPC in South Korea, unveiled a blueprint for growing to a total solution provider for the overall value chain of carbon capture, utilization and storage (CCUS)-related businesses.

Developing its outstanding technology and experiences in CCUS-related business, DL E&C aims to emerge as a strong partner of providing customers with customized solutions for achieving carbon neutrality and ESG (environment, society and governance) vision. The company plans to expand global carbon-related businesses in Australia, North America, the Middle East and Europe as well as in Korea. It also intends to play a major role in the K-CCUS industry in the global market by developing a sustainable model that can recycle captured carbon as construction materials or store carbon in abandoned oilfields or gas fields.

DL E&C aims to win orders of KRW 1 trillion between 2022 and 2024 in carbon capture Basic Engineering / EPC (engineering, procurement and construction) segment in Korea and overseas markets in accumulation, and steadily obtain orders of KRW 1 trillion annually between 2025 and 2027 by aggressively expanding into the global market. By 2030, it intends to increase orders received to KRW 2 trillion annually thereafter. Through this goal and efficient service, the company expects to achieve KRW 2 trillion in annual revenue in 2030 in CCUS-related business alone.

As the adoption of net-zero carbon emission and carbon tax emerges as a major issue across the world, carbon neutrality became an unavoidable responsibility of companies. Being an eco-friendly technology that stores emitted carbon or converts it into high-value products, CCUS is evaluated as the most reliable and realistic alternative for reducing carbon in mid- and long-term perspectives. Also, it is recognized as a core technology for removing carbon inevitably generated in process of producing blue hydrogen that is known as another alternative for carbon neutrality.

Under the situation, an increasing number of companies are accelerating investments in CCUS technology. Compared to renewable energy known to have been a major alternative for carbon reduction, CCUS requires less investments while expecting an immediate effect of reducing carbon on the spot. IndustryARC, a global market survey institute, predicts that the global CCUS market will grow to USD 25.3 billion in 2026.

DL E&C operates diverse businesses based on experiences of commercializing the first carbon capturing plant in Korea and completion of designing plants that can capture 1 million tons of carbon annually as one of the largest. The company recently signed a memorandum of understanding (MOU) with Seohae Green Environment for a project of capturing carbon being generated from waste incinerating facilities, while working with Seohae Green Energy for the Korea-first carbon-negative plant project.

In recent months, DL E&C concentrates efforts on developing key technologies for converting captured carbon into and utilizing for high-value products such as construction materials or petrochemical materials. To that end, the company is building a demonstration plant for commercializing carbon mineralizing technologies in conjunction with the Carbon Mineralization Flagship Center in Korea Institute of Geoscience and Mineral Resources. It aims to complete the entire CCUS value chain by joining in carbon storing business through collaboration with global companies in the long term.

“Achievement of carbon neutrality is a task of our time for getting over global climate crisis and corporate sustainability,” said Yoo Jae-ho, head of DL E&C’s plant business division. “We will take off as a CCUS total solution provider for not only capturing carbon but also a realistic solution in utilizing and storing carbon based on differentiated CCUS technologies and various business experiences.”

Contacts

DL E&C Co., Ltd

David Cho

+82-2-2011-7192

david.cho@dlenc.co.kr