SK Group has set and been taking actions to reach the goal of contributing 1% of global carbon reduction target. As a member of SK Group, SK Innovation, along with all its subsidiaries, is also taking the lead in the Net Zero journey by implementing “Carbon to Green” strategy to transform into a Green Energy & Materials Company.

Such efforts of SK Innovation affiliates will be showcased at CES 2023, the largest tech event in the world held in Las Vegas, the U.S. Through SKinno News’ latest series – “Into the 1nnovation,” we will give you a sneak peek at what SK Innovation and its subsidiaries will bring to the upcoming exhibition.

In the last part of this series, we will cover the future eco-friendly investment and projects of SK Innovation affiliates to expand their green portfolio. These will include from CCUS (Carbon Capture, Utilization & Storage) business to achieve carbon emission reduction targets, as well as joint investments with other SK members in next-generation energy companies.

 
| CCUS (Carbon Capture, Utilization, and Storage)
 

▲ East Sea Gas Field of the Korea National Oil Corporation

Carbon Capture and Utilization Storage (CCUS) refers to the process of capturing and transporting the generated carbon dioxide (CO2) and then injecting it into underground storage. It is emerging as a key technology to solve the problem of global warming by removing CO2 from the atmosphere.

SK Energy and SK Earthon, two SK Innovation’s subsidiaries, secured competitiveness by participating in multiple projects in and outside Korea. These include the East Sea Gas Field CCS national project and the Shepherd CCS Project, an international project between South Korea and Malaysia to capture, transport, and store carbon dioxide, based on their CO2 storage exploration capabilities. They are to move up the achievement of Net Zero through the mid-term goals such as securing more than 2 million tons of storage per year by 2030.

 
| Joint investment with SK Inc: Small Modular Reactor (SMR), EV Charger with Solid State Circuit Breaker (SSCB)
 

▲ (Left photo) From left: SK Inc. Vice Chairman Jang Dong-hyun, TerraPower CEO Chris Levesque, and SK Innovation Vice Chairman & CEO Kim Jun pose for a photo at the MOU signing ceremony held at SK headquarters in Seoul on May 17, 2022. / (Right photo) (From left) Head of Green Investment Center of SK Inc. Kim Moo-hwan, CEO of Atom Power Ryan Kennedy, and Head of SK Energy’s Solution & Platform Business Division Kang Dong-soo take a group photo at the Deal Closing Ceremony held at SK headquarters in Seoul on August 17, 2022.

Along with SK Inc., SK Innovation and SK Energy also participates in multiple joint investments. These includes the co-fundraising in Terra Power* to jointly develop “next-generational technologies” needed for small modular reactors (SMRs), and the acquisition of management rights to Atom Power Inc., which developed the “Solid State Circuit Breaker (SSCB, circuit breakers controlled by power semiconductors).”

*TerraPower: Founded in 2008 by Bill Gates, the co-founder of Microsoft, TerraPower is a leading nuclear innovation company with the capability to design sodium-cooled fast reactor (SFR), a type of advanced nuclear reactors.

 
| SK Innovation’s “actions” for a sustainable future
 

Through five parts of “Into the 1nnovation!’ series, we have briefly introduced the core eco-friendly technologies and products of SK Innovation and its subsidiaries that will be introduced at the upcoming CES 2023. Aside from what we included in this series, at CES 2023 visitors can find more information regarding SK Innovation’s key technologies and products for the green future, including the Battery Metal Recycle (BMR) and so on.

If you wish to know more about our “actions” to achieve Net Zero, please visit our booth at CES 2023, which will be held from January 5 to 8, 2023 (local time) or check our online updates.