Company Interview / Clean initiative one-step closer to reality

Brad Lingo of Pilot Energy (ASX:PGY) states that a member of the Korean Consortium (K-Consortium) of major industrial companies backing it Midwest Clean Energy Project has received funding from the Export-Import Bank of Korea to support its involvement. The K-Consortium aims to secure a major stake in Pilot Energy's project as it plays a role in South Korea’s plans to generate most of its electricity from carbon-free energy sources by 2038.

He says the project utilises a converted oil field for offshore carbon storage. Australia's regulatory framework makes this transition feasible and the first Commonwealth approval has been obtained this year.

Brad notes carbon storage is a proven technology, mentioning US and UK government backing. He asserts that the project aims to produce clean ammonia, capturing CO2 for storage offshore. The project's proximity to large gas resources in the North Perth Basin enhances its appeal, with Hancock Resources investing heavily nearby.

Brad mentions recent funding efforts, including an equity raise and convertible notes, positioning Pilot Energy (ASX:PGY) to complete an acquisition to own a carbon storage asset fully. He highlights the strategic location and integration of carbon capture, stating the project is attractive to South Korean energy players due to low carbon intensity and renewable energy power.