CloudAir Signs MOU with Korea District Heating Corporation and Korea University Industry-Academic Cooperation Foundation for 'Astaxanthin Production Commercialization'

[Asia Economy Reporter Jang Hyowon] CloudAir (formerly LiveFinancial) has secured mass production technology for natural astaxanthin using carbon dioxide (CO2), a global environmental issue, as a raw material and is moving forward with commercializing the business.

On the 25th, CloudAir announced that it signed a memorandum of understanding (MOU) for the "Commercialization of Astaxanthin Production Business" using carbon dioxide together with Korea District Heating Corporation and Korea University Industry-Academic Cooperation Foundation.

Amid the continuous rise in average annual temperatures domestically and internationally due to the acceleration of global warming and climate instability, many countries and companies are seeking solutions.

Scientists pointed out that to achieve the goals of the Paris Climate Change Agreement signed in 2015, up to 2 billion tons must be reduced annually over the next decade.

Professor Pierre Friedlingstein of the University of Exeter, UK, said, "Although it has decreased compared to last year, global carbon dioxide emissions this year reached 39 billion tons," adding, "Ultimately, carbon dioxide emissions need to be close to zero for the climate to stabilize."

Accordingly, around the world, especially in developed countries, a transition to a 'green economy' based on eco-friendly low carbon is underway as an alternative to simultaneously overcoming the climate crisis and economic crisis.

In particular, with President Biden announcing strengthened regulations on power plants and automobile emissions, the related market is expected to gain further momentum. President Biden has announced a major overhaul aiming for zero carbon emissions in the power sector by 2035.

South Korea has been implementing a carbon emissions trading system since 2015 to reduce carbon dioxide emissions, and the greenhouse gas reduction market size proposed by the government for 2030 is expected to reach approximately 6 trillion won.

CloudAir also signed this MOU to simultaneously overcome the COVID-19 crisis and climate crisis presented by the Green New Deal, and is determined to secure the carbon emissions market through business diversification to create next-generation growth engines.

Through this agreement, CloudAir will fully supply the biomass raw material for astaxanthin and support technologies such as on-site photobioreactor cultivation and harvesting. Korea District Heating Corporation will provide microalgae photobioreactor infrastructure facilities, various related equipment, and technology, while Korea University will support fundamental technologies for microalgae photobioreactor cultivation and derived biomass production.

Additionally, CloudAir plans to secure microalgae cultivation technology using exhaust gas and mass production technology for CO2 reduction and high value-added natural astaxanthin.

A CloudAir official stated, "Our goal is to be the first in Korea to secure microalgae cultivation technology using exhaust gas and eco-friendly carbon dioxide processing and high value-added useful resource production technology," adding, "Together with Korea District Heating Corporation and Korea University Industry-Academic Cooperation Foundation, we will establish an organic work system and close cooperation to standardize microalgae technology applicable in various fields, establish business models, and strengthen our leading research position."

This content was produced with the assistance of AI translation services.