To develop its technology, Climeworks has raised more than $150 million from investors, including the Swiss lender Zuercher Kantonalbank.įor its part, Northern Lights is already planning on capturing carbon dioxide from industrial point sources in the Oslo region, which will then be shipped to an onshore terminal on the Norwegian coast. The company said in a statement that it’s looking globally for other opportunities for permanent carbon dioxide storage and that the Northern Lights solution of deep geological sequestration in an offshore saline aquifer under the North Sea represents an ideal alternative site. The company already has a collaboration with an Icelandic company called Carbfix, where the Climeworks technology is used to capture carbon dioxide and store it in mineralized basalt. The only limit to the company’s ability to capture carbon dioxide is the availability of power, according to Gelbad. We see it going into the megaton ranges.”Ĭlimeworks uses renewable energy and waste heat to power modular collectors that can be stacked into machines at any size. this is the range where our journey together with Northern Lights definitely could go. “Direct Air Capture will need to grow at a gigaton scale. “The numbers given by science 10 to 20 billion tons of CO2 for removal,” Gelbad said. Here again, Gelbad offers a clear-eyed assessment of his company’s capabilities and the size of the problem. That price is on the highest end of any that world leaders have discussed as a potential cost for carbon-emitting industries (and it’s well below the price that China has set for carbon emissions, which is important to note, given the scale of China’s contribution to the production of greenhouse gases that cause global warming).īeyond any pricing concerns associated with making these direct air carbon capture and storage solutions viable, there’s the scale at which these projects would need to be developed to make a real dent in global emissions. There are a number of caveats to the project, which reveal both the potential promise and pitfalls of direct air capture initiatives and sequestration and monitoring projects.Ī breakdown of the costs associated with different carbon capture technologies. The two companies are hoping to prove that Northern Lights facilities combined with Climeworks direct air capture technologies can prove to be a part of a push toward negative emissions technologies that allow companies in non-industrial sectors to become either carbon neutral or carbon negative. Combined with safe and permanent storage, direct air capture has the potential to get the carbon cycle back in balance,” said Børre Jacobsen, the managing director of Northern Lights, in a statement. We are enthusiastic about this collaboration with Climeworks. “There is growing awareness of the need to build capacity to remove CO 2 from the atmosphere to achieve net zero by 2050. The business is one of the lynchpins in the Norwegian government’s efforts to capture and store carbon emissions safely underground under a plan called The Longship Project. Northern Lights was incorporated in March as a joint venture between Equinor, Shell and Total to provide processing, transportation and underground sequestration services for captured carbon dioxide emissions. It would mean the realization of a full-chain carbon dioxide removal service that the two companies called a necessary component of the efforts to reverse global climate change. The deal could pave the way for a new business that would offer carbon capture and sequestration services to commercial enterprises around the world, if the joint venture between Climeworks and the newly formed Northern Lights company is successful. The Swiss-based, venture capital-backed, direct air capture technology developer Climeworks is partnering with a joint venture between the government of Norway and massive European energy companies to map the pathway for a business that could provide not only the direct capture of carbon dioxide emissions from air, but the underground sequestration and storage of those emissions.
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