SK Trading International invests in low-carbon electrofuel start-up Infinium

Industry

Published: 12 Oct. 2022, 13:53

SK Trading International invests in low-carbon electrofuel start-up Infinium

From left: Suh Sok-won, SK Trading International CEO, Robert Schuetzle, on screen, Infinium CEO and Noh Sang-ku, SK Energy senior director, during a signing ceremony held in Jongno District, central Seoul, on Sept. 30. [SK INNOVATION]

SK Trading International, a wholly-owned trading subsidiary of SK Innovation, said Wednesday that it made a strategic investment in Infinium, a Sacramento, California-based low-carbon electrofuel start-up.

The company did not reveal the amount or related details of the deal.

Founded in 2020, Infinium specializes in hydrogen-based alternative fuels. The company holds the technology to combine hydrogen with carbon dioxide to generate synthetic fuels, or electrofuels (e-fuels), that can be used as low-carbon alternatives to gasoline, diesel and jet fuels.

Infinium hopes to begin commercial production of e-fuels in Texas early next year.

This is SK Trading International’s first investment in the sustainable energy sector. Its parent company SK Innovation, an oil refiner, is pushing the carbon reduction agenda by shifting its focus from petroleum to recycling businesses and low-carbon products. SK Innovation aims to reach net-zero emissions by 2050.

“With the investment in Infinium, we will be able to expand our opportunities in supplying green energy for achieving net zero,” said Suh Sok-won, SK Trading International CEO.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]