Capsol and Storegga recently announced the signing of the Memorandum of Understanding (MoU), which occurred between the two companies not long ago. This MoU surrounds the companies’ interests in commercial development of the Co2 value chain.
Both companies have expressed interest in the opportunities encompassing the commercial development of large-scale Co2, so the MoU covers the companies’ plans for collaboration on projects which involve carbon capture, transportation and permanent storage.
The agreement has been formed between these companies, due to the benefits they will bring to the project both separately, and through a combination of their skills.
Whilst Storegga’s everyday work is directly with carbon capture, Capsol is a technology licensor of an energy-efficient, cost-effective, safe, and flexible HPC carbon capture process. Capsol caters to many different emitters within cement, biomass, energy-from-waste (EfW), chemical and power industries. The companies will work together, combining their skills, in particular Capsol’s expertise and engineering capabilities, especially around Hot Potassium Carbonate (HPC) carbon capture technology. On the other hand, Storegga’s skills will include competency and experience in CO2 transportation and permanent storage. Together the companies will work towards a shared aim of providing Carbon Capture as-a-Service (CCaaS).
The motivation behind the idea of offering CCaaS, is that it will make it easier for industries to deal with the Co2 emissions they captured from their facility. This becomes possible as CCaaS provides industries with the opportunity to avoid upfront investment and take the option of a solution which handles the entire value chain which also allows them to pay per ton of captured carbon. This system will hopefully encourage more businesses to store their captured Co2 within this system, as it provides them with only what is required, rather than an investment for more than they may need.
CEO of Capsol Technologies, Jan Kielland, commented, “This agreement with Storegga underlines Capsol’s commitment to develop the carbon capture market, paving the way towards net zero. The collaboration will facilitate the development of a full value chain approach to carbon capture, transportation and storage for different emitters and partners. As a leading provider of energy-efficient and safe carbon capture technologies to large-scale emitters, we see the need for deeper collaboration across all segments to make carbon capture, utilisation, and storage economical for more emitters, and to accelerate the deployment of CO2 removal measures to reach our climate mitigation goals.”