Hyundai Construction, World's First Floating CCS Technology to Reduce Greenhouse Gases

[Financial News] Hyundai Construction is embarking on the development of the world's first floating concrete-based carbon capture and storage (CCS) technology to contribute to global greenhouse gas reduction.
Hyundai Construction announced on the 14th that it signed an agreement on the 13th with the Korea Institute of Energy Technology Evaluation and Planning under the Ministry of Trade, Industry and Energy for the 'Development of Sequential Transfer Expandable Floating CCS Facility and CO₂ Injection Conceptual and Basic Design (FEED) for Southeast Asia Distributed CCS Storage Operation'. This project, led by Hyundai Construction, is an international joint research involving a total of 8 private, public, and academic institutions over 42 months. The total research funding amounts to 5.8 billion KRW.
The research focuses on securing design technology for a floating injection system to utilize depleted oil and gas fields in the Southeast Asian marine region as CO₂ storage sites. By introducing a floating method that can reduce infrastructure construction costs by 25% compared to existing fixed seabed methods, the plan is to prepare a strategy for sequentially moving and utilizing modular injection facilities suitable for dispersed storage environments.
Hyundai Construction plans to develop a CO₂ injection system applying floating concrete that floats on the sea, a world first, in addition to ship-type floaters, and secure basic design approval (AIP) to derive a business model. The company is also considering expanding into an 'offshore carbon-neutral cluster' that directly processes CO₂ generated during the production of blue hydrogen and blue ammonia at sea.
A Hyundai Construction representative stated, "Floating CCS is a challenge unique to Hyundai Construction, which has strengths in the fields of offshore civil engineering and plant construction," adding, "We will establish a bridgehead for securing carbon emission rights and entering the global reduction market with cross-border CCS projects." 

en1302@fnnews.com Jang In-seo Reporter