Picture credit: Aqualung Carbon Seize
Oslo-based Aqualung Carbon Seize, a specialist in membrane carbon dioxide seize and separation expertise, introduced on Thursday that it has secured a $10M (approx €9.6M) fairness funding.
Key strategic companions, together with Delek US, World Ship Lease, Golar LNG, MKS Pamp, and Commonplace Lithium, participated within the spherical.
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Fund utilisation
As part of the funding spherical, representatives from Golar LNG and Commonplace Lithium are set to affix the Aqualung Board of Administrators.
The Oslo-based firm will use the funds to develop its groups throughout Europe and the US, and ship its first business pilot with Commonplace Lithium.
Moreover, the corporate will use the capital to provoke commercialisation initiatives with key industrial suppliers.
Henrik Utvik, President and CTO of Aqualung, says, “The profitable fairness increase establishes the important thing expertise partnerships and the assets essential to take our ground-breaking idea to the following stage. This significantly strengthens Aqualung’s distinctive method of growing a whole well-to-wake resolution for industrial CO2 emitters.”
Aqualung Carbon Seize: What it’s essential know
Based mostly out of Oslo, Aqualung Carbon Seize says it can velocity up decarbonisation and mitigate carbon emission prices by providing a secure, absorbent-free, and extremely compact carbon seize system for industrial flue fuel and biogas.
The corporate’s expertise will take away a big quantity of in any other case hard-to-abate CO2.
In line with Aqualung, it has achieved proof of idea at two cement installations and is now engaged on steps to industrialise its coating course of and ship a containerised business unit.
Final yr, the corporate introduced a pilot challenge in southern Arkansas to check a novel carbon seize expertise in collaboration with Commonplace Lithium.
The Norwegian firm will provoke this scale-up at a CO2 seize Pilot Plant, demonstrating the efficacy of its expertise on low CO2 focus ranges.
Dr. Andy Robinson, President, and COO of Commonplace Lithium, says “We started working with Aqualung in 2021, and we’re assured in its underlying expertise and excited to spend money on the corporate’s drive to commercialisation. One in all our targets is minimising all CO2 emissions, and we stay up for scaling up our current pilot challenge with Aqualung in help of this ambition. As well as, I’m delighted to affix Aqualung’s board of administrators and actively take part within the firm’s future.”
The corporate says its expertise will unlock a big variety of hard-to-abate emitters and optimise the answer for larger CO2 focus markets, together with cement, metal, waste administration, refining, and petrochemicals sectors.
Andrew Robbins, CEO of Aqualung, says “We’re extraordinarily pleased with the companions we’ve got assembled. Aqualung will lean on the entrepreneurial, engineering, and scale-up expertise of our investor group to commercialise and roll out this expertise at a tempo nobody thought was attainable. Aqualung endeavours to assist emitters flip their sustainability ambitions into actuality, accelerating their progress in the direction of 2050 carbon discount pledges by creating deliverable initiatives in 2025.”
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