())(&72)$&7,9$7,217(03(5$785($1'=Q&O
&21&(175$7,21)250(5&85<$'62537,21,1 1$785$/*$6%<$&7,9$7('&2&2187&$5%216
3(1*$58+7(03(5$785$.7,9$6,'$1.216(175$6,=Q&O
7(5+$'$33(1<(5$3$10(5.85,'$/$0*$6%80, 2/(+.$5%217(038581*.(/$3$<$1*7(5$.7,9$6,
/LVQD5RVPD\DWL
³/(0,*$6´5 '&HQWUHIRU2LODQG*DV7HFKQRORJ\
-O&LOHGXJ5D\D.DY&LSXOLU.HED\RUDQ/DPD32%R[-.7-DNDUWD6HODWDQ,1'21(6,$
7URPRO3RV.%<%-DNDUWD7HOHSKRQH)D[VLPLOH (PDLOOLVQDU#OHPLJDVHVGPJRLG(PDLOULHVWDDQJJDUDQL#JPDLOFRP
)LUVW5HJLVWHUHGRQ0DUFKWK5HFHLYHGDIWHU&RUHFWLRQRQ$SULOQG 3XEOLFDWLRQ$SSURYDORQ$SULOWK
5(6($5&+$1''(9(/230(17&(175()252,/ *$67(&+12/2*<
/(0,*$6
-RXUQDO+RPHSDJHKWWSZZZMRXUQDOOHPLJDVHVGPJRLG
$%675$.
(OHPHQPHUNXUL\DQJWHUNDQGXQJGDODPJDVEXPLWHODKPHQMDGLSHUKDWLDQVHULXVGDULVLVLOLQJNXQJDQ NDUHQDVLIDWYRODWLOLWDVGDQWRNVLVLWDVQ\D\DQJWLQJJL3HQ\HUDSDQGHQJDQFDUERQ\DQJWHUDNWLYDVLPHUXSDNDQ VXDWX PHWRGH PHQJRQWURO PHUNXUL \DQJ HIHNWLI .DQGXQJDQ PHUNXUL GDODP JDV EXPL KDUXV GLKLODQJNDQ XQWXN PHQFHJDK WHUMDGLQ\D NHUXVDNDQ SHUDODWDQ GDODP SODQ SHQJRODKDQ JDV GDQ VLVWHP MDULQJDQ SLSD WUDQVPLVL 3HQHOLWLDQ LQL PHQJJDPEDUNDQ SURVHV HOLPLQDVL PHUNXUL \DQJ WHUNDQGXQJ GDODP JDV EXPL GHQJDQPHQJJXQDNDQNDUERQDNWLIGDULWHPSXUXQJNHODSD\DQJGLLPSUHJQDVLGHQJDQ=Q&O7HPSHUDWXU DNWLYDVLGDQNRQVHQWUDVLODUXWDQ=Q&OPHUXSDNDQYDULDEOH\DQJGDSDWPHPSHQJDUXKLNDSDVLWDVSHQ\HUDSDQ PHUNXUL.DUERQDNWLIGLEXDWGDULNXOLWWHPSXUXQJNHODSDGDQGLDNWLYDVLSDGDWHPSHUDWXUHDQG R&GDODPDOLUDQNRQVWDQQLWURJHQ3HQJDUXKWHPSHUDWXUDNWLYDVLGDQNRQVHQWUDVLODUXWDQ=Q&OWHUKDGDS SHQ\HUDSDQPHUNXULROHKDGVRUEHQPHQXQMXNNDQEDKZDNHPDPSXDQDGVRUSVLDGVRUEHQWHODKGLSHQJDUXKL ROHKWHPSHUDWXUHDNWLYDVLKLQJJDPHQFDSDLWHPSHUDWXUHRSWLPXPQ\DR&.HPDPSXDQDGVRUSVLPHQLQJNDW GHQJDQPHQLQJNDWQ\DNRQVHQWUDVLODUXWDQ=Q&OGDQSHQ\HUDSDQRSWLPXPSDGDNRQVHQWUDVL=Q&O+DVLO PHQXQMXNNDQEDKZDSHQ\HUDSDQPHUNXULROHKFDUERQWHUDNWLYDVL\DQJWHULPSUHJQDVLNORUVDQJDWVLJQL¿NDQ GDQGLSHUROHKWHPSHUDWXUHDNWLYDVLRSWLPXPQ\D.HVLPSXODQDNKLUGLSHUROHKWHPSHUDWXUHDNWLYDVLRSWLPXP R&GDQ=Q&OVHEDJDLNRQVHQWUDVLLPSUHJQDVL\DQJGDSDWPHQ\HUDSPHUNXULVHFDUDPDNVLPDO .DWD.XQFLDNWLYDVLSHQ\HUDSDQPHUNXULJDVEXPLNDUERQWHPSXUXQJNHODSDWHUDNWLYDVL
ABSTRACT
Elemental mercury from natural gas has increasingly become an environmental concern due to its high volatility and toxicity. Activated carbon adsorption is an effective mercury control method. Mercury content in natural gas should be removed to avoid equipment damage in the gas processing plant or the pipeline transmission system. This research describes the process of mercury removal from natural gas by coconut active carbon impregnated with ZnCl2. Activation temperature and ZnCl2 solution concentration are signifi - cant affect the mercury adsorption capacity. Charcoal was prepared from coconut shell and activated at 500, 700 and 900oC in constant fl ow of nitrogen. The effect of activation temperature and ZnCl2 concentration for mercury adsorption on adsorbent show that the adsorption ability of adsorbent is affected by increas- ing activation temperature up to an optimum temperature of 700oC. Ability of adsorption increases with increasing ZnCl
2 concentration and mercury adsorption was optimum at 7% concentration of ZnCl
2. The results indicated that the adsorption capacity of mercury in natural gas by activated carbon-impregnated
chlor is very signifi cant. The conclusion of this paper is that optimum activation temperature 700oC and 7% ZnCl2 impregnated on adsorbent can improve the mercury adsorption in natural gas.
.H\ZRUGVactivation, mercury adsorption, natural gas, activated coconut carbon
,,1752'8&7,21
0HUFXU\+JLVKHDY\PHWDOLQHQYLURQPHQWDO 0HUFXU\FRQWHQWLVIRXQGLQQDWXUDOJDVDVDWUDFH HOHPHQW7KHLQFUHDVHGFRQFHUQE\HQYLURQPHQWDOLVW DQGJRYHUQPHQWRQWKHHIIHFWRIKHDY\PHWDOVDQG DWWHPSWWRSURWHFWSXEOLFKHDOWKJDYHULVHWRDORWRI UHVHDUFKLQWKHGHYHORSPHQWRIDGYDQFHWHFKQRORJ\
WRUHPRYHKHDY\PHWDOVIURPWKHQDWXUDOJDVDVIXHOV 7KH PHWDO DGVRUSWLRQ LV GHYHORSPHQW RI DGYDQFH WHFKQRORJ\ WR UHPRYH RI PHUFXU\ LQ QDWXUDO JDV DQGWKHDGVRUSWLRQDELOLW\RIDSRZGHUHGDFWLYDWHG FDUERQ3$&LVGHULYHGIURPFRFRQXWVKHOO,WZDV D PRUH HFRQRPLF DQG HIIHFWLYH DGVRUEHQW IRU WKH FRQWURO RI +J,, LRQ LQ WKH QDWXUDO JDV LQGXVWU\
=DELKL $KPDGSRXU 0HUFXU\ FDQ EH UHPRYHG IURP WKH QDWXUDO JDV WKURXJK DFWLYDWHG FDUERQV$FWLYDWHGFDUERQDGVRUSWLRQLVDQHIIHFWLYH PHUFXU\ FRQWURO PHWKRG EXW WKHUH DUH FRVW OLPLWV
&RFRQXWFKDUFRDOPD\DFWDVDORZFRVWVRUEHQWXVHG IRU FRQWUROOLQJ PHUFXU\ OHYHOV ,Q WKH QDWXUDO JDV SURFHVVLQJLQGXVWU\DFWLYDWHGFDUERQLVIUHTXHQWO\
HPSOR\HG IRU WKH UHPRYDO RI PHUFXU\ WR SURWHFW DOXPLQXPKHDWH[FKDQJHUVDQGIRUDVDIHZRUNLQJ HQYLURQPHQWDWWKHSODQW9DULRXVW\SHVRIDFWLYDWHG FDUERQVZHUHGHYHORSHGIURPRUJDQLFVHZDJHVOXGJH 66 XVLQJ +62 +32 DQG =Q&O DV FKHPLFDO DFWLYDWLRQUHDJHQWVDQGWKHUHPRYDORI+J,,IURP DTXHRXVVROXWLRQE\WKHVHFDUERQVZDVHIIHFWLYHO\
GHPRQVWUDWHG=KDQJet al. 0HUFXU\LQZDWHU FDQEHUHPRYHGE\XVLQJDGVRUSWLRQSURFHVVHVVXFK DV DFWLYDWHG FDUERQ WKDW LV LPSUHJQDWHG ZLWK ]LQF FKORULGH=Q&OZKLFKKDVEHHQGRQHE\ZengDW DO LQ 7KDW H[SHULPHQW VKRZHG WKDW FKORULGH LPSUHJQDWLRQ ZLWK =Q&O VROXWLRQ VLJQLILFDQWO\
HQKDQFHGWKHDGVRUSWLYHFDSDFLW\IRUPHUFXU\
$GHPLOX\LDQG'DYLGLQKDGGRQHUHVHDUFK RI KHDY\ PHWDOV DGVRUSWLRQ DERXW WKH HIIHFW RI FKHPLFDODFWLYDWLRQRQWKHDGVRUSWLRQRIPHWDOVLRQV
&U1L&X3EDQG=QXVLQJEDPERRFRFRQXW VKHOODQGSDOPNHUQHOVKHOOZDVLQYHVWLJDWHG%DPERR FRFRQXWVKHOODQGSDOPNHUQHOVKHOODFWLYDWHGDWR&
XVLQJVL[DFWLYDWLQJDJHQWV7KHKLJKHVWPHWDOLRQV DGVRUEHG ZHUH REWDLQHG IURP EDPERR DFWLYDWHG ZLWK+12$GHPLOX\Let al.6LPLODUO\LQWKH ZRUNRI5DPtUH]=DPRUDet al.SHWUROHXPFRNHZDV DFWLYDWHG ZLWK =Q&O DQG SUHSDUDWLRQ RI DFWLYDWHG
FDUERQIURP1HHP+XVNE\FKHPLFDODFWLYDWLRQZLWK
=Q&OKDVLQYHVWLJDWHGE\$ODX.et al.7KHGHJUHHRI SK\VLFRFKHPLFDODOWHUDWLRQZDVVLJQL¿FDQWO\GLIIHUHQW IRU WKH WKUHH FDUERQV REWDLQHG DIWHU DFWLYDWLRQ ZLWK WKUHH FKHPLFDOV$FWLYDWHG FDUERQ DFWLYDWHG ZLWK+32EHLQJWKHVWURQJHVWZDVDEOHWRDGVRUE PHUFXU\
0HUFXU\ FRQWHQW LQ WKH QDWXUDO JDV VKRXOG EH UHPRYHG WR DYRLG GDPDJLQJ HTXLSPHQW LQ WKH JDV SURFHVVLQJSODQWRUWKHSLSHOLQHWUDQVPLVVLRQV\VWHP IURPPHUFXU\DPDOJDPDWLRQDQGHPEULWWOHPHQWRI DOXPLQLXP &ULSSHQ &KDR 0HUFXU\ FDQ EH UHPRYHG E\ XVLQJ DGVRUSWLRQ SURFHVVHV VXFK DV DFWLYDWHG FDUERQ LPSUHJQDWHG ZLWK FKORU <DQ /LQJLRGLQHRUVXOIXU-RKQ 5DGLVDY
%HKURR] 5REHUW$FWLYDWHGFDUERQVFDQEH PDGHIURPDZLGHYDULHW\RISURGXFWVDQGDUHPDGH IURP QDWXUDO SURGXFWV VXFK DV KDUGZRRGV FRFRQXWVKHOOVDQGEDPERR,QWKLVSDSHUDFWLYDWHG FDUERQVZHUHPDGHIURPFRFRQXWVKHOOV)XUWKHUPRUH WKH FRFRQXW VKHOOV EHHQZDV PRGL¿HG E\ SK\VLFDO DQG FKHPLFDO WUHDWPHQW6XUIDFH PRGL¿FDWLRQ RI D FDUERQ DGVRUEHQW ZLWK D VWURQJ R[LGL]LQJ DJHQW JHQHUDWHVPRUHDGVRUSWLRQVLWHVRQLWVVROLGVXUIDFH IRU PHWDO DGVRUSWLRQ 6DQGK\D 7RQQL 7KHDGVRUEHQWVDUHPDGHXSRIFRFRQXWVKHOOCocos nucifera/DQDJULFXOWXUDOZDVWHIURPORFDOFRFRQXW LQGXVWULHV6XUIDFHPRGL¿FDWLRQVRILWZLWKDFWLYDWRU DJHQWVVXFKDV=LQF&KORULGHUHVSHFWLYHO\DUHDOVR FRQGXFWHGWRLPSURYHUHPRYDOSHUIRUPDQFH3K\VLFDO DQG FKHPLFDO SURSHUWLHV RI FRFRQXW DFWLYH FDUERQ DQG PRGL¿HG DFWLYDWHG FDUERQ ZHUH DQDO\]HG WR LQYHVWLJDWH WKH HIIHFW RI DGVRUEDWH SURSHUWLHV DQG WHPSHUDWXUHDFWLYDWLRQRQDFWLYDWHGFDUERQDGVRUSWLRQ SHUIRUPDQFH/Let al0HUFXU\DGVRUSWLRQ ZDV WHVWHG E\ ]LQF FKORULGH LPSUHJQDWHG DFWLYDWHG FDUERQ ZKLFK XVHG =Q&O VROXWLRQ ,Q RUGHU WR LQFUHDVH WKH XWLOL]DWLRQ RI DFWLYDWHG FDUERQ PDQ\
HIIRUWVKDYHEHHQPDGHWRLQFUHDVHWKHVHIXQFWLRQDO JURXSVE\PRGLI\LQJZLWKFRPSRXQGVRIFKORULQH +Xet al. 7KHHIIHFWVRIDFWLYDWLRQWHPSHUDWXUH DQG=Q&ODFWLYDWRUFRQFHQWUDWLRQRQDGVRUEHQWZHUH VWXGLHG
,,0(7+2'2/2*<
,Q WKLV SDSHU WKH DGVRUSWLYH SRWHQWLDO RI D PRGL¿HGDFWLYDWHGFDUERQXVLQJ=Q&OIRUPHUFXU\
YDSRUZDVLQYHVWLJDWHGERWKLQDODERUDWRU\DQGLQWKH JDVGHPRQVWUDWLRQ7KHLUSRUHVWUXFWXUHDQGVXUIDFH FKHPLFDO SURSHUWLHV ZHUH FKDUDFWHUL]HG E\ ,RGLQH QXPEHU%(7DQG6(0$';7DQet al. 7H[
WXUDOFKDUDFWHULVWLFVRIVDPSOHVZHUHGHWHUPLQHGE\
QLWURJHQ1DGVRUSWLRQZLWKDQDFFHOHUDWHGVXUIDFH DUHDZDVFDOFXODWHGIURPWKHLVRWKHUPVE\XVLQJWKH
%UXQDXHU(PPHWW7HOOHU%(7HTXDWLRQ%UXQDXHU et al. 7KHSRUHYROXPHZDVIRXQGIURPWKH DPRXQWRI1DGVRUEHGDWDUHODWLYHSUHVVXUHRI 7KHDYHUDJHSRUHGLDPHWHUZDVFDOFXODWHGIURPWKUHH WLPHVRIWKHSRUHYROXPHRYHUWKH%(7VXUIDFHDUHD 7KHH[SHULPHQWZDVFDUULHGRXWLQWKH3K\VLFDO
&KHPLVWU\/DERUDWRU\DQG7KH*DV'HPRQVWUDWLRQ 6\VWHP3ODQWRI*DV7HFKQRORJ\8QLW33370*%
´/(0,*$6´-DNDUWD
$6DPSOH3UHSDUDWLRQ
$FWLYDWHG FRFRQXW FDUERQ WKDW KDV PHVK VL]H ZDV SUHSDUHG IURP FRFRQXW VKHOO E\ SK\VLFDO DFWLYDWLRQLQDVWDLQOHVVVWHHOUHDFWRUZLWKWHPSHUDWXUH UDQJHRI±R&1LWURJHQZDVSDVVVWKURXJKD SUHKHDWHUDWWKHWHPSHUDWXUHR&7KHSURGXFWV ZHUHZDVKHGVHTXHQWLDOO\ZLWK1+&OKRWZDWHU DQG¿QDOO\FROGGLVWLOOHGZDWHUWRUHPRYHUHVLGXDO RUJDQLF DQG PLQHUDO PDWWHUV$FWLYDWHG FRFRQXW FDUERQVZHUHWUHDWHGE\LPSUHJQDWLRQZLWKDFWLYDWRU DJHQWRI=Q&OVROXWLRQLQWKHDFRQFHQWUDWLRQUDQJH RIDQGZYIRUKRXUV,PSUHJQDWHG DFWLYDWHGFRFRQXWFDUERQVZHUHGULHGLQDQRYHQDW R&FRROHGGRZQWRURRPWHPSHUDWXUHDQGWKHQ VWRUHGLQGHVLFFDWRUVIRUIXWXUHXVH
%6DPSOH&KDUDFWHULVDWLRQ
&KDUDFWHUL]DWLRQ RI WKH DFWLYDWHG FDUERQV LQFOXGHV ,RGLQH 1XPEHU ZLWK VWDQGDUGPHWKRGRI$670'
%(7VXUIDFHDUHDZDVFDOFXODWHGEDVHG RQ1DGVRUSWLRQLVRWKHUPE\XVLQJWKH
%UXQDXHU(PPHWW7HOOHU%(7HTXDWLRQ
%UXQDXHUet al. 7KH DYHUDJH
%(7 VXUIDFH DUHD SRUH GLDPHWHU DQG WRWDOYROXPHSRUHZDVFDOFXODWHGWKUHH WLPHVWULSOHFDOFXODWLRQV7KHWH[WXUDO FKDUDFWHULVWLFV RI WKH XQWUHDWHG DQG
=Q&OLPSUHJQDWHG DFWLYDWHG FDUERQV ZDV DQDO\]HG E\ 6(0$'; 7KH DQDO\VLV RI WKLV GDWD LV SURYLGHG LQ )LJXUH
0HUFXU\9DSRU$GVRUSWLRQLQ1DWXUDO*DV 7KH H[SHULPHQW RI PHUFXU\ YDSRU DGVRUSWLRQ LQQDWXUDOJDVLVGHVFULEHGLQDVFKHPDWLFGLDJUDP VKRZQ LQ )LJ 7KH ZRUNLQJ SULQFLSOH RI WKLV PHUFXU\UHPRYDOHTXLSPHQWLVWRSDVVWKHQDWXUDOJDV FRQWDLQLQJ PHUFXU\ YDSRU DW NQRZQ FRQFHQWUDWLRQ WKURXJK DQ DGVRUEHQW$Q DPRXQW RI PHUFXU\ LV DGVRUEHGDQGWKHUHPDLQLQJPHUFXU\LQWKHQDWXUDO JDV ZLOO EH DGVRUEHG E\ .0Q2 VROXWLRQ 7KH VROXWLRQ LV WKHQ DQDO\]HG E\ D /XPH[ PHUFXU\
DQDO\]HU7KHYROXPHRIWKHÀRZLQJJDVLVPHDVXUHG E\ ZHW WHVW PHWHU HTXLSPHQW 0HDVXUHPHQW RI
$QDO\VLV 0HWKRGH 8QLW 5HVXOW &RPSRVLWLRQ *3$ PRO
1LWURJHQ
&DUERQGLR[LGH
0HWKDQH
(WKDQH
3URSDQH
LVR%XWDQH
1%XWDQH
LVR3HQWDQH
13HQWDQH
+H[DQHSOXV
6XOSKXUFRPSRXQG +\GURJHQ6XOILGH+6
$670'
SSP
0HUFDSWDQH56+ SSP
&DUERQ\O6XOILGH&26 SSE
0HUFXU\ ,62 XJPM
:DWHU&RQWDLQ $670' /E0PVFI *URVV+HDWLQJ9DOXH*+9 %WXIW 1HW+HDWLQJ9DOXH*+9 *3$
&RPSUHVVLELOLW\IDFWRU=
)LJXUH
6FKHPDWLFGLDJUDPRI0HUFXU\$GVRUSWLRQ 7DEOH
1DWXUDO*DV&RPSRVLWLRQ
VWDQGDUGPHUFXU\DQGPHUFXU\VDPSOHLVPDGHLQ DQ2XWOHW$GVRUEHU$::$7KHQDWXUDO JDV LV IORZQ WKURXJK PHUFXU\ VWDLQOHVV VWHHO UHDFWRUDGVRUEHUDWDWHPSHUDWXUHRIR&7KH JDV IURP WKH RXWOHW RI WKH PHUFXU\ F\OLQGHU LV SXWLQWRDPHUFXU\VROXWLRQ.0Q2+62 DQGWKHPHUFXU\FRQFHQWUDWLRQLVLQWKHVROXWLRQ LVDQDO\]HGE\DMercury Analyzer/XPH[
PHDVXUHGLQJP
7KHH[SHULPHQWRI0HUFXU\DGVRUSWLRQZDV FDUULHG RXW E\ XVLQJ NJ DFWLYDWHG FRFRQXW FDUERQV 7KH QDWXUDO JDV DV D VDPSOH DQG WKH RSHUDWLRQFRQGLWLRQVZHUHQDWXUDOJDVSUHVVXUH RISVLJWHPSHUDWXUHR&DQGÀRZ&XIW KRXU 0HUFXU\ VWDQGDUG VROXWLRQ ZDV NQRZQ
JP7KHQDWXUDOJDVFRQFHQWUDWLRQWKDW ZDVXVHGRQSHUIRUPDQFHWHVWZDVGU\JDV,WKDG ÀRZQ WR WKH V\VWHP YLD D YHVVHOF\OLQGHU WKDW FRQWDLQHGVWDQGDUGPHUFXU\7KHFKDUDFWHULVWLFV RIQDWXUDOJDVLVVKRZHGLQ7DEOH
1DWXUDOJDVFRPSRVLWLRQDERYHZDVUHVXOWHG IURP DQDO\VLV RI WKH QDWXUDO JDV VDPSOH E\
XVLQJ D JDV FKURPDWRJUDSK\ LQVWUXPHQW ZLWK VHULHVQXPEHU*&1*$+3ZLWKD7&' GHWHFWRU7KHFRPSRVLWLRQDQDO\VLVZDVGRQHE\
*3$ PHWKRGV DQG WKH KHDWLQJ YDOXH FDOFXODWHG ZLWK *3$ 7KH PHUFXU\
FRQFHQWUDWLRQZDVDQDO\]HGE\XVLQJ,62 VWDQGDUGDQGPHUFXU\DQDO\]HU
,,,5(68/7$1'',6&866,21
7KLV SDSHU GLVFXVVHV WKH UHVXOWV RI WKLV UHVHDUFK RQ PHUFXU\ DGVRUEHQW FKDUDFWHULVWLFV 7KH H[SHULPHQW KDV GDWD RQ WKH HIIHFW RI WHPSHUDWXUHDFWLYDWLRQDQG=Q&OFRQFHQWUDWLRQ 7KHODERUDWRU\WHVWLQJRIWKHDGVRUEHQWLQYROYHG LRGLQHQXPEHU%(7VXUIDFHDUHDDQGRSWLPXP DGVRUSWLRQRIPHUFXU\
7KHLRGLQHQXPEHULVWKHPRVWIXQGDPHQWDO SDUDPHWHUXVHGLQFKDUDFWHUL]LQJDFWLYDWHGFDUERQ ,WLVDPHDVXUHRIDFWLYLW\OHYHODQGWKHPLFURSRUH FRQWHQWRIWKHDFWLYDWHGFDUERQKLJKHUQXPEHU LQGLFDWHVKLJKHUGHJUHHRIDFWLYDWLRQ$FWLYDWHG FDUERQ7KLVUHVXOWVKRZHVWKDWDELOLW\RI WKHDFWLYDWHGFRFRQXWFDUERQVLVGLIIHUHQWDWWKH ORZR&DQGWKHKLJKWHPSHUDWXUHR&
)XUWKHUPRUHWKHGLIIHUHQFHLQWKHLRGLQHQXPEHU LQWKHWHPSHUDWXUHUDQJHGXHWKHH[LVWHQFHRIWKH VXLWDEOHWHPSHUDWXUHIRUWKHPHUFXU\DGVRUSWLRQ ,RGLQHQXPEHULVWKHDELOLW\RIWKHDGVRUEHQWWR
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
,PSUHJQDWLRQZLWK=Q&OFRQFHQWUDWLRQXSWR VKRZHVWKDWWKHLRGLQHQXPEHURIDGVRUEHQWVLJQL¿FDQWO\
LQFUHDVHG )LJXUH 7KDW PHDQV =Q&O LPSUHJQDWLRQ DFWXDOO\ GHFUHDVHG ERWK WKH %(7 VXUIDFH DUHD DQG WKH WRWDOSRUHYROXPHRIWKHDFWLYDWHGFDUERQVVDPSOHVGXHWR WKH EORFNDJH RI LQWHUQDO SRURVLW\ E\ LQFRUSRUDWHG =Q&O PROHFXOHV,PSUHJQDWLRQDWDKLJKHUWHPSHUDWXUHSURPRWHV DPRUHXQLIRUPGLVWULEXWLRQRI&KORURQWKHDGVRUEHQWSRUH VWUXFWXUH
7KH LRGLQH QXPEHU UHVXOW IRU XQWUHDWHG =Q&O ZDV ORZHUWKDQLPSUHJQDWHG=Q&O7KHDYHUDJHSRUHVL]HRIWKH DFWLYDWHGFDUERQDOVRLQFUHDVHGZKHQLQFUHDVLQJWKH=Q&O
0 200 400 600 800 1000 1200
0 500 700 900
%LO,RGLQ
7HPSHUDWXU
(IIHFWRIDFWLYDWLRQWHPSHUDWXUH RQ,RGLQH1XPEHU
ActivationII ActivationI
)LJXUH
(IIHFWRI=Q&O&RQFHQWUDWLRQIRU,RGLQH1XPEHU )LJXUH
,RGLQH1XPEHUDQG$FWLYDWLRQ7HPSHUDWXUH
VROXWLRQFRQFHQWUDWLRQ7KDWPHDQVWKHDGVRUEHQWLV EORFNLQJPLFURSRUHVUHVXOWLQJLQDGURSLQVSHFL¿F VXUIDFH DUHD DQG WRWDO SRUH YROXPH 7KH LRGLQH QXPEHUUHVXOWIRUQRQDFWLYDWRUDQGZLWKDFWLYDWRULV VKRZQLQ7DEOH
7DEOHLQGLFDWHVWKDW%(7VXUIDFHDUHDDQGWKH WRWDOSRUHYROXPHRIWKHDFWLYDWHGFDUERQVVDPSOHV ZLWKRXW DFWLYDWRU ZHUH KLJKHU WKDQ DFWLYDWRU DJHQW ZLWKFRQFHQWUDWLRQ$FWLYDWHGFDUERQPRUSKRORJ\
LVVKRZQDW)LJXUH
7KH H[SHULPHQW WHVWLQJ UHVXOW RI PHUFXU\
DGVRUSWLRQRQWRDFWLYDWHGFRFRQXWFDUERQVLQGLFDWHG WKDW SHUIRUPDQFH RI SLORW SODQW DGVRUEHU PHUFXU\
DGVRUSWLRQZDVVDWLV¿HG0HUFXU\FRQFHQWUDWLRQZDV GHFUHDVLQJDIWHUWKHQDWXUDOJDVZDVÀRZLQJWRWKH HTXLSPHQW V\VWHP RI DGVRUSWLRQ PHUFXU\ DQG ZDV DEOHWRDGVRUEPHUFXU\YDSRUZLWKHI¿FLHQF\
ZLWKQDWXUDOJDVSUHVVXUHJDVSVLDWHPSHUDWXUH R&DQGQDWXUDOJDVÀRZ&XIWMDP
7KHPHFKDQLVPRIFKHPLVRUSWLRQRIPHUFXU\RQWR WKH&OLPSUHJQDWHGDFWLYDWHGFDUERQVZLWKUHDFWLRQ
=Q&O &Q+[2\@ =Q >&O&Q+[2\@ ZKHUH IXQFWLRQDOJURXS&OLVYHU\LPSRUWDQWWRWKHSURFHVV
&ODWRPVZKLFKDUHFUHDWHGE\=Q&OLPSUHJQDWLRQ DUHLQYROYHGE\SUREDEO\IRUPLQJYDULRXVFRPSOH[HV IRUH[DPSOH>+J&O@>+J&O@DQGLIPRUHRIWKH&O FRQFHQWUDWLRQ WKH UHDFWLRQ UHVXOW >+J&O@ 7KH UHVXOWVVXJJHVWHGWKDW&ODFWLYHFDUERQKDGH[FHOOHQW DGVRUSWLRQSRWHQWLDOIRUHOHPHQWDOPHUFXU\HYHQDWD UHODWLYHKLJKHUWHPSHUDWXUHDQGWKHHQKDQFLQJHIIHFW ZDVPRUHREYLRXVZLWKLQFUHDVLQJ&OFRQWHQW/DXet al.7KHUHZDVDQRSWLPXP=Q&OFRQFHQWUDWLRQ IRU LPSUHJQDWLRQ 7KH LQFUHDVH RI SHUIRUPDQFH RI DGVRUEHQW LV SUREDEO\ GXH WR WKH LQFUHDVH RI DFWLYHVLWHVIRUPHUFXU\DGVRUSWLRQ7KHNLQGRI&O IXQFWLRQDOJURXSVRQWKHRULJLQDODQG=Q&OPRGL¿HG DFWLYHFDUERQZDVIRXQGWREHGLIIHUHQWWKHODWWHULVRI WKHDFWLYHVLWHIRUPHUFXU\DGVRUSWLRQDQGR[LGDWLRQ DQG IRU WKH IRUPHU LW LV QHJOLJLEOH 7KHUH LV DQ RSWLPXP&OFRQWHQWRQWKH=Q&OPRGL¿HGDGVRUEHQW FDUERQ IRU PHUFXU\ UHPRYDO WKDW FRXOG EH IRUPHG GXULQJPHUFXU\VRUSWLRQ7KHVHUHVXOWVGHPRQVWUDWH VLJQL¿FDQWHQKDQFHPHQWRIDFWLYDWHGFRFRQXWFDUERQ UHDFWLYLW\ZLWKPLQLPDOWUHDWPHQWDQGDUHDSSOLFDEOH WRPHUFXU\UHPRYDOLQQDWXUDOJDVSODQWIDFLOLWLHV ,9&21&/86,216
7KH HIIHFW RI DGVRUEHQW DFWLYDWLRQ WHPSHUDWXUH IRUDGVRUSWLRQRIWKHPHUFXU\YDSRUIURPQDWXUDOJDV
ZLWKDFWLYDWHGFRFRQXWFDUERQLVQRZPXFKFOHDUHU
$GVRUSWLRQE\DFWLYDWHGFDUERQVSDUWLFXODUO\WKRVH LPSUHJQDWHGZLWKFKORULGH&OLVDWHFKQRORJ\WKDW RIIHUVJUHDWSRWHQWLDOIRUWKHUHPRYDORI+JRIURPWKH QDWXUDOJDV&KORULGHLPSUHJQDWLRQZLWK=Q&O VROXWLRQDFWXDOO\GHFUHDVHGERWKWKH%(7VXUIDFHDUHD DQGWKHWRWDOSRUHYROXPHRIWKHDFWLYDWHGFDUERQV VDPSOHV GXH WR WKH EORFNDJH RI PLFURSRUHV E\
LQFRUSRUDWHGFKHPLFDOV=LQF&KORULGHLPSUHJQDWHG DFWLYDWHGFRFRQXWFDUERQVKRZHGWKDWLWVLJQL¿FDQWO\
HQKDQFHGWKHDGVRUSWLYHFDSDFLW\IRUPHUFXU\
7KH H[SHULPHQW RI DFWLYDWLRQ WHPSHUDWXUH YDULDWLRQ FDQ H[SODLQ KRZ WHPSHUDWXUH DIIHFWV PHUFXU\ DGVRUSWLRQ SHUIRUPDQFH 7KH WUHDWPHQW
1R 1RQ=Q&O =Q&O
12
$FWLYDWHG
&DUERQ
6XUIDFH
$UHD%(7 PJ
7RWDO3RUH 9ROXPH
FFJ
0HDQRI 5DGLXV
3RUH c
1RQ=Q&O
=Q&O
1RQ=Q&O
=Q&O
1RQ=Q&O
=Q&O
7DEOH ,RGLQH1XPEHU5HVXOW
7DEOH
%(7%UXQDXHU(PPHWW7HOOHU5HVXOW
)LJXUH
0RUIRORJ\RIDFWLYDWHGFRFRQXW FDUERQVVXUIDFHDUHD
ZLWK=Q&OLPSUHJQDWLRQRQDFWLYDWHGFDUERQKDYH EHHQ HIIHFWLYHO\ UHGXFLQJ WKH PHUFXU\ FRQWHQW LQ QDWXUDOJDV
3K\VLFDO DFWLYDWLRQ ZLWK RSWLPXP WHPSHUDWXUH R& RI DGVRUEHQW ZLOO SURGXFH VRPH QHZ SRUH DQGLQFUHDVHRILWVVXUIDFHDUHDXQWLOUHDFKLQJWKH RSWLPXP WHPSHUDWXUH$ GHFUHDVH LQ WKH LRGLQH QXPEHUUHVXOWVLQDGHFUHDVHLQPHUFXU\DGVRUSWLRQ 0HUFXU\ DGVRUSWLRQ LQ QDWXUDO JDV LQYROYHV ERWK SK\VLVRUSWLRQDQGFKHPLVRUSWLRQV
$&.12:/('0(17
0\ YHU\ JUHDW DSSUHFLDWLRQ LV WR 33370*%
³/(0,*$6´ IRU WKH UHVHDUFK IXQG IDFLOLWLHV DQG RSSRUWXQLW\$OVRVSHFLDOWKDQNVWR0UV'UD<D\XQ
$QGULDQL 06L DQG 0U ,U %DPEDQJ :LFDNVRQR 06FIRUWKHLUDGYLFHJLYHQDQGKHOSLQWKLVUHVHDUFK ,ZRXOGOLNHWRWKDQNWKHIROORZLQJIRUWKHLUKHOS 7HDPZRUNDW*DV$QDO\VLV7HFKQRORJ\37
$LPWRSLQGR37'HWPDUN 5()(5(1&(6
³$FWLYDWHGFDUERQ´KWWSHQZLNLSHGLDRUJZLNL
$FWLYDWHGBFDUERQ
$ODX..*LPED&(.DJEX-$3UHSDUDWLRQ RI DFWLYDWHG FDUERQ IURP 1HHP+XVN E\ &KHPLFDO
$FWLYDWLRQ ZLWK +32 .2+ DQG =Q&O$SSOLHG 6FLHQFH5HVHDUFK
$670'6WDQGDUG7HVW0HWKRGIRU'HWHUPLQDWLRQ RI,RGLQH1XPEHURI$FWLYDWHG&DUERQ.
$::$´6WDQGDUG0HWKRGVIRUWKHH[DPLQDWLRQRIZDWHU DQG ZDVWH ZDWHU´ WK HG$PHULFDQ 3XEOLF +HDOWK
$VVRFLDWLRQ:DVKLQJWRQ'&S
%UXQDXHU 6 (PPHW 3+ 7HOOHU ($GVRUSWLRQ RI *DVHV LQ 0XOWLPROHFXO /D\HUV -$P&KHP 6RFSS
&KDQJ[LQJ+X-=KRX6+H=/XR.&HQ (IIHFWRIFKHPLFDODFWLYDWLRQRIDQDFWLYDWHGFDUERQ XVLQJ]LQFFKORULGHRQHOHPHQWDOPHUFXU\DGVRUSWLRQ )XHO3URFHVVLQJ7HFKQRORJ\9ROXPH,VVXH-XQH SDJHV
&ULSSHQ.DQG 6 &KDR 0HUFXU\ LQ QDWXUDO JDVDQGFXUUHQWPHDVXUHPHQWWHFKQRORJ\*DV 4XDOLW\$QG (QHUJ\ 0HDVXUHPHQW 6\PSRVLXP )HEUXDU\2UODQGR)ORULGDSS
)7$GHPLOX\L$&2JERQQDDQG2%UDLGH
³(IIHFWLYHQHVV RI 1LJHULDQ EDPERR DFWLYDWHG ZLWK GLIIHUHQWDFWLYDWLQJDJHQWVRQWKHDGVRUSWLRQRI%7;´
LQ 3URFHHGLQJV RI WKH WK$QQXDO &RQIHUHQFH RI
1LJHULDQ6RFLHW\RI&KHPLFDO(QJLQHHUVSS±
+DQFDL =HQJ )HQJ - 5HPRYDO RI HOHPHQWDO PHUFXU\IURPFRDOFRPEXVWLRQÀXHJDVE\FKORULGH LPSUHJQDWHGDFWLYDWHGFDUERQ6FLHQFH'LUHFW5HYLVHG 0D\
-RKQ$. DQG5DGLVDY '9 (IIHFW RI 6XOIXU LPSUHJQDWLRQPHWKRGRQ$FWLYDWHG&DUERQ8SWDNHRI
*DV±3KDVH0HUFXU\(QYLURQ6FL7HFKQRO SS
/DX 5/:HL && &KXQJ 6< (QKDQFLQJ WKH DGVRUSWLRQRIYDSRUSKDVHPHUFXU\FKORULGHZLWKDQ LQQRYDWLYH FRPSRVLWH VXOIXULPSUHJQDWHG DFWLYDWHG FDUERQ -RXUQDO RI KD]DUGRXV PDWHULDOV '2,
/LTLQJ/L;LQ/L-RR;/7LP&7KH(IIHFWRI 6XUIDFH3URSHUWLHVLQ$FWLYDWHG&DUERQRQ0HUFXU\
$GVRUSWLRQ ,QG(QJ &KHP5HV SS
505DPtUH]=DPRUD56FKRXZHQDDUV$'XUHDQ 0RUHQR DQG * %XLWURQ 3URGXFWLRQ RI
$FWLYDWHG&DUERQ3HWUROHXP&RNHDQGLWV$SOLFDWLRQLQ ZDWHUWUHDWPHQWIRUWKHUHPRYDORI0HWDOVDQG3KHQRO :DWHU6FUHHQDQG7HFKQRORJ\9ROXPH1RSS
5RQJ<DQ<XHQ/LQJ1J,%HQFK6FDOH([SHULPHQWDO 6WXG\ RQ 7KH (IIHFW RI )OXH JDV &RPSRVLWLRQ RQ 0HUFXU\ 5HPRYDO E\$FWLYDWHG FDUERQ$GVRUSWLRQ (QHUJ\ )XHOV±
6DQGK\D%7RQQL$.&U9,UHPRYDOIURPV\Q WKHWLF ZDVWHZDWHU XVLQJ FRFRQXW VKHOO FKDUFRDO DQG FRPPHUFLDODFWLYDWHGFDUERQPRGL¿HGZLWKR[LGL]LQJ DJHQWVDQGRUFKLWRVDQ(OVHYLHU9RO,VVXHSDJHV
6%HKURR]*DQG5REHUW0.'HYHORSPHQWRI D &O,PSUHJQDWHG$FWLYDWHG &DUERQ IRU (QWUDLQHG )ORZ &DSWXUH RI (OHPHQWDO 0HUFXU\ (QYLURQ6FL 7HFKQROSS
7DQ=4LX-;LDQJ-6XQ//LX==KDQJ6
³3HUIRUPDQFHDQGPHFKDQLVPIRUHOHPHQWDOPHUFXU\
UHPRYDO E\ EDPERR FKDUFRDO PRGL¿HG E\ =Q&O´
&,(6&-RXUQDO+XD]KRQJ8QLYHUVLW\RI6FLHQFHDQG 7HFKQRORJ\+XEHL&KLQD
=DELKL0$KPDGSRXU$$VO$+³5HPRYDORI PHUFXU\IURPZDWHUE\FDUERQDFHRXVVRUEHQWVGHULYHG IURP ZDOQXW VKHOO´ -RXUQDO RI +D]DUGRXV 0DWHULDOV 9ROXPH,VVXHVSDJHV
=KDQJ)61ULDJX-2,WRK+0HUFXU\UHPRYDO IURP ZDWHU XVLQJ DFWLYDWHG FDUERQV GHULYHG IURP RUJDQLF VHZDJH VOXGH (OVHYLHU 9ROXPH SDJHV