South Korean energy company SK E&S said on the 10th that it will spend US$110 million to acquire a 10% stake in US energy company Summit Carbon Solutions to participate in the North American carbon capture and storage (CCS) project.
The project is the largest carbon capture and storage project in the world, with an annual carbon capture and storage capacity of up to 12 million tons. The project will capture carbon dioxide produced by 32 corn ethanol plants in five Midwestern states and transport it to underground carbon storage facilities for permanent storage using a 3,200-kilometer dedicated pipeline.
It is reported that carbon dioxide transmission pipelines and carbon storage facilities will start construction in the first half of next year, and strive to be put into operation in the second half of 2024. Participating companies will obtain carbon dioxide emission rights and enjoy tax incentives.
