New collaboration aims to scale the full value chain of carbon removal by capturing and permanently sequestering biogenic CO2 at pulp and paper mills. CO280 and Aker Carbon Capture's collaboration with
CO280 and Aker Carbon Capture have signed a Memorandum of Understanding (MoU) agreement with
The three companies will collaborate to address the technological, regulatory, and commercial challenges and opportunities for creating carbon removal, with each party playing distinct commercial roles. The parties intend to collaborate on a non-exclusive basis.
Under the terms of the MoU agreement, the parties agree to explore to:
- Develop biogenic carbon capture project(s), including projects currently in CO280's development pipeline, as well as additional projects;
- Apply CO280's expertise to jointly develop a standard and efficient screening process to evaluate the technical and economic feasibility of carbon capture on pulp and paper mills, with the subsequent deployment of Aker Carbon Capture's plants, including the modularized Just Catch series;
-
Standardize the lifecycle assessment (LCA) and measurement, verification, and reporting (MRV) systems for capture projects in pulp and paper, with the ambition to leverage
Microsoft 's digital capabilities, cloud computing platforms, services, and solutions; -
Create a digital tool to compare CO280's planned projects against
Microsoft Criteria for High Quality Carbon Removal; - Advocate for policies and demonstrate thought leadership to promote the pulp and paper carbon capture market, with the corresponding creation and use of high-integrity carbon removal credits.
CO280 is the leading developer of Carbon Dioxide Removal (CDR) projects in the pulp and paper industry. In partnership with pulp and paper companies, CO280 develops, finances, owns, and operates large-scale CDR projects. CO280's projects address a critical supply gap in the CDR market by supplying permanent, verifiable, and affordable CDR to corporate buyers in the voluntary market. CO280 currently has more than 10 million tons per year of permanent CDR under development.
"This commitment on the part of three best-in-class companies is exactly the kind of bold move the industry needs to unlock the enormous removal opportunity in the pulp and paper industry and scale up the CDR market. Together, we are developing the largest scale, lowest cost, permanent carbon removal projects in the world," said
"Our collaboration with Aker Carbon Capture and CO280 builds on important large-scale initiatives across asset-intensive industries including pulp and paper", says
"It's time to move past the first-of-a-kind and the demonstration projects for carbon removal. The deployment rate needs to be accelerated by the hundreds to deliver the `net' in net zero. We have demonstrated the strength of working together in the past, and we are excited to expand our collaboration with
Aker Carbon Capture is dedicated to enabling carbon removal and reduction and the company's proven Just Catch modular solutions enable industries to deploy their capture technology at speed and at scale. The company is currently delivering seven carbon capture units: five Just Catch 100 units to Ørsted, one Just Catch 100 unit to Twence and a Big Catch delivery to Heidelberg Materials at Brevik.
Accelerating the large-scale deployment of carbon dioxide removals (CDR) is critical to the net-zero transition.
A launch event featuring representatives from CO280, Aker Carbon Capture, and
ENDS
Media contact:
Hanne Rolén, mob: +47 99 00 25 71, email: hanne.rolen@akercarboncapture.com
Investor contacts:
CO280 contact:
Aker Carbon Capture is dedicated to carbon removal and reduction. The company's proven modular solutions enable industries to deploy capture technology at speed and scale, meeting the requirements of tomorrow and the opportunities of today.
Visit akercarboncapture.com and connect with us on LinkedIn, Facebook, Twitter, Instagram and YouTube. This press release may include forward-looking information or statements and is subject to our disclaimer, see akercarboncapture.com.
Visit co280.com and connect with us on LinkedIn.
https://news.cision.com/aker-carbon-capture-asa/r/co280-and-aker-carbon-capture-collaborate-with-microsoft-to-scale-up-permanent--affordable-carbon-re,c3962749
https://news.cision.com/aker-carbon-capture-asa/i/pr,c3290445
(c) 2024 Cision. All rights reserved., source