Flying back from the US last week, having had the pleasure of meeting with prospective customers and partners, it gave me a chance to reflect on this year’s successes and fired me up for the year ahead.
To quote the International Energy Agency: ‘This year has seen unprecedented advances for carbon capture, utilisation and storage (CCUS) technologies’. With 100 new CCUS facilities announced globally it is hard to disagree!
It’s particularly good news that the funding for new projects is not only coming from the private sector – we’ve seen governments around the world step up to provide the critical funding needed. Shortly before I arrived in the US, the Senate passed the $1 trillion Infrastructure Bill, allocating $10 billon to carbon removal technology. While the European Union is investing over €1.1 billion through the Innovation Fund into seven large-scale innovative projects, some of which include CCUS.
Delivery in partnership
Carbon Clean is a global company and we’ve seen demand for our carbon capture solutions from across the world this year – for example we commissioned a 5 TPD carbon capture plant for Tata Steel in India and just this month commissioned our first demonstration project in Japan - a 10 TPD semi-modular solution for Taiheiyo Cement Corporation. Our technology has so far captured over 1.4 million tonnes of CO2 across 44 facilities and our project portfolio is set to capture over 500kt/year of CO2 by 2024.
To say we are moving at speed is an understatement. But we all know this pace is necessary.
Innovation to achieve net zero
However, for me, innovation was the biggest story of 2021. Looking ahead, we know that our newly launched modular carbon capture technology – CycloneCC – is going to do more to decarbonise hard-to-abate industries than most other solutions.
The carbon capture market is only going to grow. Market analysis conducted by an independent third party has shown our serviceable addressable ’sweet spot’ for CycloneCC will expand by 60% per year until 2030. Driven especially by CCUS adoption in the oil and gas, cement, steel and chemical sectors. These sectors expect over 20% of their total emissions to be captured by CCUS technology by 2030 and we’ll be ready to help them achieve this.
What 2022 holds
We will be working with our technology deployment partners to scale up CycloneCC to 10 TPD and 100 TPD and we’ll be taking orders from our wider customer base as we commercialise. We’ll also be working hard to deliver on our pipeline of 500kt/year of CO2, expanding our team and establishing new partnerships across the globe.
Keep watching this space to see the future of carbon capture evolve. But, in the meantime, I wish you all a healthy and prosperous new year.
Let’s get some downtime before we deliver another landmark year for CCUS.