Aker Carbon Capture and CO280 form strategic alliance to develop carbon removal projects in the pulp and paper industry
OSLO, Norway, March 25, 2024 /PRNewswire/ -- Aker Carbon Capture and CO280 Solutions, have signed a Memorandum of Understanding (MoU) to collaborate on the development of large-scale Carbon Dioxide Removal (CDR) projects beginning in the US and Canada pulp and paper industry that will deliver permanent, verifiable, affordable carbon removals.
The parties will collaborate as preferred partners on a project-by-project basis, for point source carbon capture plants for pulp and paper mills, with the ambition to deploy Aker Carbon Capture's modularized Just Catch series. Both parties will be working toward a standard CDR solution, which includes post-combustion carbon capture and compression for recovery boilers, power boilers, lime kilns and other stack emissions.
CO280 is a leading developer of Carbon Dioxide Removal 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. JPMorgan Chase signed one of the largest carbon removal agreements ever announced with CO280 in May, 2023. CO280 currently has more than 10 million tonnes per year of permanent CDR under development.
North America's pulp and paper industry represents a carbon removal opportunity of up to 130 million tonnes per year. This is due to the fact that individual mills have a CO2 emissions profile that is 80-90% biogenic.
"We are excited to expand on our collaboration with CO280 on accelerating carbon removal in the US and Canada. Carbon capture will play a key role in achieving global climate goals as it enables both carbon reduction and carbon removal. Together, C0280 and Aker Carbon Capture will enable large-scale delivery of CDRs," said Egil Fagerland, Chief Executive Officer at Aker Carbon Capture. "This builds on our previous announcement of a test campaign to be conducted at the site of a leading pulp and paper company on the Gulf Coast in the US," Fagerland continued.
"Capturing and sequestering biogenic CO2 from pulp and paper mills can help scale-up the CDR market, decarbonize the pulp and paper industry, and have a positive impact on the environment," said Jonathan Rhone, Chief Executive Officer of CO280. "Our alliance with Aker Carbon Capture will enable us to unlock this potential and create the world's first permanent, verifiable, and affordable CDR solution at scale."
"Our strategic alliance with CO280 has provided Aker Carbon Capture unique access into both the pulp and paper and CDR markets. We see both markets in the US and Canada as a natural fit for our modular technology. We are already delivering our proven technology in Europe and plan to do the same in North America in response to positive policy developments," said Jonah Margulis, Aker Carbon Capture's Head of North America.
Aker Carbon Capture's Just Catch™ modular offering is a standardized product that enables the pre-fabrication of carbon capture units. 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. These flagship projects contribute to the company's development of serial production of carbon capture units providing cost and delivery benefits for the mid-scale emitter market.
Media contact:
Marianne Stigset, mob: +47 41 18 84 82, email: marianne.stigset@akerhorizons.com
Investor contacts:
David Phillips, mob: +44 7710 568279, email: david.phillips@akercarboncapture.com
CO280 contact:
Tom Raith, mob: +1 415 318 6865, email: tom@co280.com
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