Carbon EngineeringĬarbon Engineering is another big name in the sector that has raised a total funding worth $110 million. To date, the company has raised $117 million in funding. Its key projects and partnerships with Climeworks are the aforementioned Orca plant and the EU-funded Arctic Fox pilot plant. Unlike other solutions in the sector, where the CO2 needs recycling, Carbfix offers a more permanent carbon sequestration solution. Carbfix’s technology aims to permanently store captured CO2 underground in rocks. CarbfixĬarbfix is a leading player in the carbon sequestration sector due to its novel carbon capture and storage technology. The company also prides itself on being cost-effective, as they claim they can capture CO2 for less than $30 per metric ton. In 2021, the company launched its new solution, CycloneCC, which can achieve over 90% carbon capture rates. One of its key partnerships is the industrial-scale carbon capture and utilization plant in Chennai, India which has an annual capacity to capture 60,000 tons of CO2. It has raised a total of $212 million in funding. To date, Carbon Clean has used its proprietary carbon capture process technology to sequester 588 metric tons of CO2. To date, it is the only direct air capture plant that permanently sequesters the CO2 instead of recycling it. The facility has the capacity to capture around 4,000 tons of carbon per annum. It launched its carbon capture and storage facility called Orca in 2021, in partnership with Carbfix. Recently, it has taken a step further and partnered with another carbon sequestration company called Carbfix to permanently store this CO2 instead of reselling it. So far, Climeworks has sold the collected CO2 to greenhouses and carbonated beverage companies. It uses its modular CO2 collectors, where large industrial fans draw in CO2-containing air into the plant, and a CO2-selective filter separates the carbon dioxide. The company recently raised $650 million in funding, the largest ever for a startup in the carbon removal sector. ClimeworksĬlimeworks is another established carbon sequestration company that uses direct air capture (DAC). One of their current key projects is the Brevik cement plant which has a CO2 sequestration capacity of 400,000 tons per annum. Though it was only established in 2020, it uses technology that has been developed by Aker for over 10 years. They also offer offshore and integrated solutions. Its key offerings include modular solutions that are easy to transport and install. The company uses their proprietary carbon capture solution to capture CO2 from waste flue gases from a variety of industries such as oil refineries and cement plants. It was listed in the Oslo Stock Exchange in 2020, and has a current market cap value of $750.65 million. It is one of the few publicly traded companies in the sector. Here are the top 5 carbon sequestration companies to watch for in 2024: Aker Carbon Captureįounded: 2020 A subsidiary of Aker Solutions, Aker Carbon Capture is one of the largest and most established of the carbon sequestration companies. This includes capturing carbon dioxide using large fans, changing the pH of the ocean to store more CO2 to recycling carbon emissions in cement production. The current carbon removal and sequestration market explores a broad range of technologies. That removal capacity should double per year by 2100 as shown in the chart below. Scientists estimated that the world has to remove up to 10 GtCO2 annually from the atmosphere by 2050 to decarbonize. Hence, carbon sequestration and removal needs to scale up significantly to remove existing emissions and halting continuing carbon emissions. The pace of developing renewable technologies cannot keep up with the rate at which the world is emitting carbon dioxide. What countries around the world have discovered is that this goal is not achievable by implementing renewables alone. This means that we can only afford to emit 400 gigatons of carbon emissions to stay under this limit. The Paris Agreement signed in 2016 set out an ambitious goal: to ensure that an increase in the average global temperature stays under 2C, ideally 1.5C. The main reason is that carbon sequestration technologies are not just beneficial to honoring our climate commitments, but crucial. The market for carbon sequestration has enjoyed an exponential growth in recent years, attracting vast interest from investors and governments.
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