covering emissions from mineral production facilities with a targeted combined capture of 1.5 million tonnes of CO2 per year, based on the company’s Big Catch offering. The company was awarded a study in the U.S. The MoU is a potential first step for Aker Carbon Capture into the Middle East.Īker Carbon Capture made strong progress in securing studies and pre-FEED work across Europe and North America in the quarter. In July, Aker Carbon Capture signed a Memorandum of Understanding (MoU) with Aramco, one of the world’s leading integrated energy and chemicals companies, to explore partnership opportunities to deploy carbon capture, utilization and storage (CCUS) and industrial modularization in Saudi Arabia. ![]() At Ørsted CCS Kalundborg Hub, the container fabrication for the modular Just Catch units has started. At Brevik, the first heavy lift campaign was successfully completed, including the installation of the absorber, CO2 storage tanks and key modules. At Twence, all equipment and piping has been installed and commissioning has started. The Twence CCU, Brevik CCS and Ørsted Kalundborg CCS Hub projects, continued to progress in the quarter and are currently the most mature large-scale carbon capture projects under construction in Europe. We have further cemented our position in our core industries such as waste-to-energy and biomass, while also entering new sectors such as minerals production in the U.S., and exploring new markets such as Saudi Arabia”, said Egil Fagerland, Chief Executive Officer at Aker Carbon Capture. For our bespoke Big Catch offering, we were recently awarded a pre-FEED covering several power generation facilities in Europe with mega scale capture potential. On a year-to-date basis, this pipeline has been increased by around 9 million tonnes of CO2 capture per year. “Aker Carbon Capture is experiencing high levels of commercial activity on both sides of the Atlantic, resulting in a steady growth of our pipeline of Just Catch studies and pre-FEEDs. The cash position at the end of the quarter was solid at NOK 1.3 billion. Revenues rose to NOK 440 million, up 116% compared to the same period last year. Aker Carbon Capture’s order backlog rose to NOK 3.0 billion, up from NOK 1.5 billion in the same period last year. Here we go (in no particular order).In the third quarter 2023, Aker Carbon Capture secured a number of strategic pre-FEEDs and engineering studies across Europe and North America. While not a whole lot is known about each given their early stage of development, I want to share a quick run down of 8 companies worth keeping an eye on and what makes them unique. Fortunately, the last few years have seen a wave of new companies enter the arena. The scale of the challenge (billions of tons of CO2 every year) and the urgency on which we must address the major barriers facing DAC (performance, cost, and responsible deployment) calls for new innovators to expand on the successes of these incumbents. ![]() And finally, project developer 1PointFive is deploying a million ton DAC facility in the Permian Basin based on Carbon Engineering's technology, starting construction this year. Engineering firm Black & Veatch recently received funding to develop a 100,000 ton per year DAC plant based on Global Thermostat's technology. Climeworks launched Orca at the end of last year, a 4,000 ton per year capacity DAC installation in Iceland, making it the largest commercial DAC facility in the world. Make no mistake, each of them have made significant advances in recent years, and are poised to continue their stride in the years ahead. It's hard to imagine, but these companies have been around since as early as 2009. ![]() Permanently removing billions of tons of CO2 by mid-century demands that we solve these problems ASAP.įor the last decade, three main companies have shouldered this burden and tirelessly worked through the hairy problem of using DAC to remove CO2 from the atmosphere: Carbon Engineering, Climeworks, and Global Thermostat. Not because this is the decade that DAC will actually play an outsized role in mitigating the effects of climate change - in fact, we should primarily be focused on reducing emissions, which can often be done more quickly and cheaply than DAC - but because this decade is a critical juncture for companies, researchers, and policymakers working on DAC to figure out how to do three things: I believe that this is the defining decade for direct air capture (DAC).
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