NEWEST partner secures $16m for low-cost carbon capture innovation
Carbon Clean Solutions Limited (CCSL), an innovator in low-cost carbon capture and separation technology, has secured $16 million from global investors to deliver an existing pipeline of projects for reducing emissions from heavy industry.
CCSL, a partner in the NEWEST-CCUS project, will also focus on solutions that deliver carbon capture at a cost of just $30 per tonne by 2021 in line with the company’s ambition to make carbon capture affordable worldwide.
The company, which is at the forefront of developing low-cost carbon capture technology for steel, cement, refining and petrochemicals and waste incineration plants, has received the funding from WAVE Equity Partners, Chevron Technology Ventures, and Marubeni Corporation.
CCSL has already demonstrated its carbon capture and separation technology at Technology Centre Mongstad in Norway, the USA’s The National Carbon Capture Centre and TNO’s pilot plant facility in The Netherlands.
It will now supply an inventory of solvent for pilot-scale testing at the University of Sheffield’s PACT facilities and for demonstrating solvent performance at one of Twence’s waste-to-energy facilities.
Aniruddha Sharma, CCSL chief executive officer, said: “This investment in our company will allow us to expand our capabilities and technology development with the goal of implementing CO2 capture in emerging markets, such as the waste-to-energy sector.
“We will be able to fast track the development of our next generation technology that will drastically reduce the size and cost of carbon capture process technology, making it more appealing and viable for waste-to-energy incinerator operators, where space for new infrastructure at their sites is very limited.”
Affordable carbon capture and storage (CCS) technology has a critical role to play in the transition to a low-carbon energy future. CCSL believes that renewables alone will not be enough if the world is to reach net zero emissions targets whilst also meeting the energy needs of a fast-growing global population still largely reliant on fossil fuels.