South Korea-based SK Earthon – subsidiary of SK Group – will work alongside UK carbon capture and storage (CCS) specialist Azuli International (Azuli) to develop CCS solutions globally.
Having signed a Memorandum of Understanding on Dec 27th, 2022, the partners will work together to identify and develop industrial-scale carbon dioxide (CO2) transportation and storage opportunities.
Initial business opportunities will be explored in Australia and the US, where CCS-related legal systems are established, before expanding to a global scale, including Korea.
These opportunities will benefit from Azuli’s current portfolio of global CCS projects including some in Australia, UK, continental Europe and the US.
Commenting on the announcement, Hamish Wilson, CEO of Azuli, said, “This move allows for us to put real impetus into a new phase of growth, both looking to leverage the wealth of opportunities on offer in the US following the changes to 45Q, while securing improved alignment between growth opportunities and the capital better suited to such new ventures both in terms of global reach and development risk.”
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