Carbon N Co. Ltd approached NPCS with an investment objective that was broad but purposeful — identify a large-scale industrial manufacturing opportunity worth building in South Korea, and validate it properly before committing capital. After evaluating multiple sectors, NPCS recommended liquid carbon dioxide manufacturing. It was the right fit for a straightforward set of reasons: strong and diversified end-use demand, a well-established production process, South Korea's existing industrial infrastructure, and a global market that was growing steadily with no signs of structural softening.

The global liquid CO2 market was valued at USD 9.47 billion in 2025 and is projected to reach USD 14.03 billion by 2035, growing at roughly 4% annually. Food and beverage applications account for over 70% of total consumption — carbonated drinks, food freezing, modified atmosphere packaging — which means the demand base is broad, recurring, and relatively recession-resistant. Healthcare, metal fabrication, and chemical processing add further diversification. For Carbon N Co. Ltd, entry into this market also comes with a longer-term advantage: as carbon capture infrastructure expands across industrial Korea, future feedstock costs could fall materially, improving margins over time.

On the technical side, NPCS evaluated the full liquid CO2 production pathway — from raw CO2 sourcing through industrial fermentation or petrochemical off-gas streams, through multi-stage compression, activated carbon purification, and cryogenic liquefaction at temperatures between -17°C and -30°C, through to quality testing, pressurised storage, and bulk distribution. Food-grade purity at 99.9% and above commands premium pricing over industrial-grade supply, so the quality control and compliance framework was a particular focus of the technical assessment.

Key equipment specified included multi-stage reciprocating compressors, plate heat exchangers and refrigeration systems, pressurised insulated storage tanks, CO2 purity analysers, and cylinder and bulk tanker filling stations. The full plant design was reviewed against Korean industrial standards and international food-grade regulatory requirements.

The financial model covered capital investment requirements, operating cost structure, revenue projections across multiple customer segments, IRR, payback period, and break-even analysis. Payback for a plant of this type typically falls in the four to seven year range, with attractive double-digit returns once operations stabilise. Long-term supply agreements with beverage and food manufacturers — a standard commercial structure in the industrial gas sector — provide meaningful revenue predictability from early in the project lifecycle.

Carbon N Co. Ltd reviewed the completed feasibility study and proceeded to implementation planning. NPCS continues to provide advisory support through the next phase of the project.