Marubeni Corporation and Carbon Clean Solutions sign joint development agreement to develop and invest in carbon capture projects
6th August, 2020, London, UK – Carbon Clean Solutions Limited (CCSL), a leader in low-cost carbon dioxide (CO2) capture and separation technology, is pleased to announce a new strategic partnership with Marubeni Corporation, a major Japanese integrated trading and investment business conglomerate which is actively involved in the energy sector.
Through the partnership, the two companies will jointly support and develop Carbon Capture Utilisation and Storage (CCUS) projects on a build-own-operate model. Projects in Europe will start immediately, focusing on capturing CO2 for utilisation in each market locally. Marubeni Corporation and CCSL will be actively looking to advance the partnership by investing in additional global projects.
The partnership builds on an existing and close relationship between the two companies. Marubeni invested in CCSL via the latest $22m Series B funding round. The funds will be used to grow the CCSL team and deliver its proven CO2 capture technology for CCUS projects across the steel, cement, waste management and refining & petrochemicals sectors.
The partnership is a natural fit. CCSL is leading the way in affordable carbon capture by continuing to invest in the production of its "containerised" solution to achieve $30/tonne cost of CO2 capture by 2021. Marubeni, with its broad global business portfolio, is targeting an increase in its "Green Revenue" from JPY 700 billion to 1.3 trillion by 2023. Both companies share a desire to help the world to decarbonise.
Aniruddha Sharma, CEO of CCSL, said: "We are very excited to partner with Marubeni Corporation. Achieving net-zero ambitions remains a top priority for a green recovery. This partnership will help accelerate and support several commercial CCUS projects that our customers are developing in the coming months to limit the climate impact of fossil fuels. Support from a big company like Marubeni is a testament to the technology and the commercial viability of our solution."
Takashi Yao, Chief Operating Officer, Infrastructure Project Division of Marubeni Corporation said: "I am very delighted to establish this partnership with CCSL, which has very innovative and cost-competitive CO2 recovery technology. Through this strategic partnership, we will jointly accelerate the global development of CCUS businesses, especially in hard to abate industries, in order to realise the circular economy and maximise the value of CO2 as a resource."
With governments globally preparing to support the clean energy transition, this partnership will play a crucial role in furthering technological advancements in CCUS, which will be critical in this transition.