SK Announces New Funding Into Electrofuels Innovator Infinium
SEOUL, South Korea (October 11, 2022)— SK Trading International (SKTI), a wholly owned subsidiary of SK Innovation, announced today it has closed a round of institutional funding into Infinium, a clean fuels innovator. The investment will support acceleration of Infinium’s commercial developments globally.
“SKTI is excited about the opportunity to support expanding green energy supply opportunities globally through its investment in Infinium to achieve net zero activities,” said Suh Sok-won, CEO of SKTI. “With this investment, we aim to support the acceleration of Infinium Electrofuels adoption globally.”
Infinium Electrofuels technology converts carbon dioxide waste and renewable power through its proprietary process to create hydrogen-based alternatives to traditional fossil-based fuels. Electrofuels are ultra-low carbon drop-in fuels that can be used in today’s infrastructure and engines without modifications or upgrades.
Electrofuels are emerging as a next-generation low-carbon fuel alternative. Infinium’s technology focuses on production of liquid fuel alternatives for industries that are challenged with decarbonization today, such as long-haul trucking, marine and aviation. Demand for low-carbon fuel alternatives continue to grow globally as companies look for ways to decarbonize their supply chains, while governments enact policies to support the supply of decarbonized fuels.
SKTI’s investment in Infinium is a significant step toward the implementation of SK Innovation’s “Carbon to Green Strategy,” announced last year, and is the first investment in the next-generation green energy field.
“We welcome SK to our portfolio of investors and appreciate the confidence they have placed in us as we ramp production of Infinium Electrofuels for global markets.” noted Infinium CEO Robert Schuetzle.
About SK Group & SK Innovation
SK Group, South Korea’s second-largest conglomerate, is a collection of global industry-leading companies driving innovations in semiconductors, sustainable energy, telecommunications and life sciences. Based in Seoul, SK invests in building sustainable businesses around the world with a shared commitment to reducing global greenhouse gas emissions and increasing the use of renewable energy.
SK companies combined have more than $106 billion in global annual revenue and employ more than 100,000 people worldwide. SK companies are investing billions of dollars in expanding their U.S. presence with business operations or partnerships in hydrogen energy and fuel cells, EV battery manufacturing and technology, energy storage solutions, pharmaceutical manufacturing, and development, semiconductors, and advanced materials. For more information, visit sk.com.
SK Innovation, an SK intermediate holding company, operates energy, petrochemical, e-mobility battery, information electronic materials businesses, along with eight major subsidiaries including SK energy, SK geo centric, SK on, SK lubricants, SK Incheon petrochem, SK trading international, SK ie technology, and SK earthon.
About Infinium
Infinium is a clean fuels innovator with a mission to decarbonize the transportation and chemical sector. Its proprietary ultra-low carbon Electrofuels are a drop-in fuel alternative for trucks, planes and ships and are designed to significantly reduce harmful carbon dioxide emissions as compared to petroleum fuels. Electrofuels can also be used as a clean alternative in chemical manufacturing processes like plastics production that typically use traditional petroleum-based fuels. Infinium’s proprietary production process follows environmentally responsible protocols, leveraging industrial carbon dioxide waste, renewable power and ‘green’ hydrogen. www.infiniumco.com
