[Courtesy of SK Trading International]
SK Trading International (SKTI) said it has closed a round of institutional funding into Infinium, which possesses liquid fuel synthesis technology and synthesizes hydrogen and carbon dioxide into ultra-low carbon transportation fuels. Infinium's first commercial production is to begin in Texas in 2023.
Electrofuels (e-fuels) use green electricity to separate water into hydrogen and oxygen, and processes hydrogen with carbon dioxide to produce gasoline, diesel, and aviation fuel. As a carbon-neutral fuel, e-fuels can also be used as a clean alternative in chemical manufacturing processes.
It was SKTI's first investment in the next-generation green energy field. "SKTI is excited about the opportunity to expand green energy supply opportunities globally through its investment in Infinium to achieve net zero activities. With this investment, we aim to support the acceleration of Infinium e-fuel adoption globally," SKTI CEO Suh Sok-won said in a statement on October 12.
SK Group Chairman Chey Tae-won has launched a group-wide initiative to build a green energy portfolio and achieve "Net Zero" which means cutting greenhouse gas emissions to as close to zero as possible. In March 2022, SKTI signed a five-year deal with U.S. energy company Occidental to import 200,000 barrels of net-zero oil per year from 2025 for the production of eco-friendly aviation oil and other net-zero products.
Net-zero oil is combined with environmental attributes generated through the removal and sequestration of atmospheric carbon dioxide through enhanced oil recovery. Occidental has commercialized the world's first technology to produce net-zero crude oil through direct air capture technology that captures carbon dioxide directly from the air with an engineered, mechanical system.
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