Jungbu Power-SK Innovation-Ecoin Energy, Agreement Signed
From the left, Ho-bin Kim, Head of Technology and Safety Headquarters at Korea Midland Power, In-bo Jeong, Head of SV Promotion Team at SK Innovation, and In Lee, CEO of EcoIn Energy, pose for a commemorative photo after the non-face-to-face joint signing ceremony. (Photo by Korea Midland Power)
[Asia Economy Reporter Moon Chaeseok] To address the surge in plastic waste caused by the novel coronavirus disease (COVID-19), a plan is being promoted to utilize recycled oil generated during plastic waste processing as fuel for power generation.
Korea Midland Power announced on the 1st that it signed a Memorandum of Understanding (MOU) on "Advancement and Utilization of Recycled Oil from Plastic Waste" with SK Innovation and EcoIn Energy after COVID-19.
According to the agreement, SK Innovation will provide investment and human resources for research and advancement related to recycled oil from plastic waste. Midland Power will review the applicability of recycled oil from plastic waste for power generation, directly purchase it, and support market expansion.
Social venture company EcoIn Energy will develop technologies and equipment for eco-friendly processing and efficient resource recovery of plastic waste, and promote high-quality production to facilitate smooth market distribution of the products.
With the establishment of non-face-to-face lifestyles after COVID-19, the use of delivery and online shopping has surged, and with China's recent declaration banning the import of solid waste, concerns have arisen that a waste crisis may become a reality in South Korea, leading to the signing of this MOU.
The commercial facility being developed by EcoIn Energy can process about 5 tons of plastic waste per unit per day. It can reduce up to 80%, approximately 4 tons, and produce about 3 tons of eco-friendly recycled oil.
Moreover, the required installation space is small, allowing waste processing companies nationwide to quickly adopt the technology. Therefore, it is expected to effectively respond to the plastic waste disposal problem.
Additionally, Midland Power is considering using recycled oil as fuel for power plants. It plans to prioritize overseas sites such as Indonesia and actively engage in solving international environmental issues.
Park Hyung-gu, President of Midland Power, stated, "Based on mutual trust and agreement, we will do our best to solve social problems and contribute to improving the quality of life for the public during these difficult times caused by COVID-19."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
