OSLO, Norway, March 23, 2022 /PRNewswire/ -- Aker Carbon Capture has signed a Memorandum of Understanding (MoU) with Microsoft to pursue joint innovation and explore opportunities to offer services in the Carbon Capture, Utilization and Storage (CCUS) market.
CCUS is a critical solution to achieve the large carbon reductions and removals needed for the world to reach net zero emissions. New and innovative business models that cover both physical and digital value chains and enable companies to move forward fast, are required. This is why Aker Carbon Capture and Microsoft have agreed to explore ways of using the combined strength of the two companies' technology expertise.
Aker Carbon Capture and Microsoft will demonstrate the full value chain of carbon reduction and removal utilizing Aker Carbon Capture's proprietary CCUS technology and Microsoft's digital capabilities to enable the ecosystem for the voluntary carbon market, providing traceability and data - ensuring high-quality carbon credits.
Accelerating Deployment of Carbon Capture
Aker Carbon Capture's purpose is to enable large-scale carbon reduction and removal from industry around the world. With the introduction of Carbon Capture as a Service, the barriers for emitters to act on their emissions are significantly lowered. The company is determined to scale its solutions while being aligned to the Paris Agreement. It aims to halve the carbon intensity of its carbon capture solutions by 2030 and to be 'net negative' in the same period.
"Collaboration is the key to success and a pre-requisite for reaching net zero. By fully using the digital capabilities and domain expertise of our two companies we can support industrial emitters to take action and accelerate the deployment of carbon capture," said Valborg Lundegaard, Chief Executive Officer of Aker Carbon Capture.
"The science is clear; we all need to reduce our emissions as much as possible and remove carbon from the atmosphere in order for the world to reach net zero. In Aker Carbon Capture we have a partner that supports this goal and together, we aim to enable the industrial sector to move with pace and scale toward a net zero future by leveraging the power of technology," says Darryl Willis, CVP of Energy Industry at Microsoft.
The agreement was signed by Aker Carbon Capture CEO, Valborg Lundegaard and CVP of Energy Industry at Microsoft, Darryl Willis. The parties have a shared goal of accelerating the development of a functioning marketplace for CCUS and believe that the combined technical expertise will allow to further strengthen these efforts.
At the Forefront
Microsoft and Aker Carbon Capture have a history of successful collaboration, including an MoU with Danish energy company Ørsted to explore opportunities to deploy carbon capture at a bio energy plant in Denmark.
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SOURCE Aker Carbon Capture AS