– First Korean engineering and construction company to enter global CCUS market
– Concluded preliminary agreement and MOU with NeuRizer Ltd and Drivetrain in Australia
– Targeting the global market with customized solutions that realize ESG vision
DL E&C, which is expanding its carbon neutral business, is the first domestic construction and engineering company to enter the global carbon capture, utilization, and storage (CCUS) market. On the 24th, while the Korean government announced that it would promote a hydrogen∙CCUS joint project with Australia, DL E&C, which has excellent technological competitiveness and extensive experience in the CCUS business field, won the hearts of companies in Australia, known as the “land of minerals” for its rich reserves of minerals and ores.
DL E&C signed a priority contract agreement with NeuRizer Ltd, an Australian carbon neutral fertilizer company, on the 30th to carry out conceptual design and front-end engineering and design for the construction of carbon capture, utilization and storage facilities. DL E&C plans to complete negotiations on detailed conditions and sign the main agreement by next month. DL E&C, which won the project for feasibility study and front-end engineering and design of the ammonia and urea production plant construction project ordered by NeuRizer in May of last year, was selected as the preferred bidder with exclusive rights in this project in recognition of its technology.
This project will build a plant that captures, utilizes, and stores 50,000 tons of carbon dioxide annually from a small power plant with a 5MW capacity. The site is located in the Leigh Creek mine area, 550 km north of Adelaide, the capital of South Australia.
DL E&C has a plan to pursue EPC execution based proven quality of CCUS solution and partnership with NeuRizer after completion of the conceptual design and front-end engineering and design. In addition, the plan to add 1 million tons of carbon compression storage facility per year to NeuRizer’s ammonia and urea production plant, which is currently being designed, is also being discussed with the client, so additional orders for CCUS projects in Australia are expected.
See related article: DL E&C Spearheads Carbon Neutrality by Accelerating CCUS-related Businesses
DL E&C then signed an MOU with Drivetrain on the 31st to promise cooperation in CCUS for opportunities in Australian power generation and energy industries accelerating the spread of K-CCUS technology. The aim is to aggressively target Australia, where the CCUS business is growing rapidly as global companies are moving more rapidly toward carbon neutrality. IndustryARC, a global market research firm, is predicting that the global CCUS market will reach USD 25.3 billion in 2026.
Drivetrain is a supplier of product and engineering solutions in the Australian market. DL E&C plans to use Drivetrain’s competitiveness and network to strengthen its CCUS sales capabilities in the Australian power generation market.
DL E&C CEO Chang-min Ma said, “DL E&C, which can provide customized solutions to realize carbon neutrality and ESG vision, is starting to draw attention in the global market,” and added, “Starting with Australia, which was the first step in the global CCUS business, we plan to expand our carbon business throughout the Middle East, North America, and Europe.”
Source: DL E&C