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Carbonco goes ahead with ‘Green Methanol Production Project’ in Jeju Island.
DATE 2023.09.01
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Carbonco goes ahead with ‘Green Methanol Production Project’ in Jeju Island.
After signing the MOU, (from the left) the CEO of Gaoncell, Yoon Kyung-Yong, director of Jeju Energy Corporation, Kim Seong-Do, the director of Methanol Division at Carbon Chemical Conversion Technology Center of Thyssenkrupp, Dr. Alexander Schultz and the business execution director of Carbonco, Seo Kyung-Ho, are holding each other’s hands.
-Jeju Energy Corporation entered into a business agreement with Gaoncell and Thyssenkrupp.
-Applying P2X technology to store and utilize renewable energy as methanol
Carbonco, a company specialized in de-carbonization solution, founded by DL E&C, participates in ‘Green Methanol Production Project in Jeju Island’. Carbonco announced on the 1st that it entered into a business agreement with Jeju Energy Corporation, Gaoncell and Thyssenkrupp for the purpose of producing e-methanol (eco-friendly electricity-based ethanol) using ecofriendly energy sources.
The agreement ceremony was held on afternoon of August 31 (local time) at Thyssenkrupp’s Carbon Chemical Conversion Technology Center located in Duisburg, Germany. The ceremony was attended by Seo Kyung-Ho, the business execution director of Carbonco, Dr. Alexander Schultz, the director of Methanol Division at Carbon Chemical Conversion Technology Center of Thyssenkrupp, Kim Seong-do, the director of Jeju Energy Corporation and Yoon Kyung-Yong, the CEO of Gaoncell.
The purpose of this business agreement is to combine the strengths and expertise of each company to build a renewable energy storage system in order to realize CFI (Carbon Free Island) in Jeju Island. In particular, this project is attracting attention as Korea’s first public-private partnership P2X (Power to X) project. P2X is a method of storing and utilizing renewable energy, whose output is inconsistent, in various forms such as hydrogen, methanol and ammonia.
Jeju Energy Corporation is planning to supply renewable energy based on wind power. This energy will be used to separate water into oxygen and hydrogen in order to produce green hydrogen. Afterwards, e-methanol can be produced by the combination of green hydrogen and carbon dioxide. Thyssenkrupp will supply the main facilities for producing green hydrogen, and provide other facilities and technology, as a licensor of the original technology for the e-methanol production process. Gaoncell is a fuel cell supplier using methanol as a raw material, and plans to participate in overall business development and operation as a purchaser of e-methanol to be produced in the future.
Carbonco plans to use its carbon capture and storage technology in order to capture and supply carbon dioxide, the raw material for e-ethanol. It will also participate in the entire process of project implementation, including design, procurement, construction, operation and maintenance of e-methanol production facilities.
The CEO of Carbonco, Lee Sang-Min said “The e-fuel market, including e-methanol, is expanding internationally as a way to utilize the captured carbon dioxide. Based on synergy created by this Agreement, we will position ourselves as a company that can provide more diverse solutions across the value chain of capture, utilization and storage of carbon.”
