Carbon Clean Announcement, October 5, 2023
- Companies agree to explore onboard carbon capture opportunities for Carbon Clean’s CycloneCC technology
- Samsung Engineering and Carbon Clean signals its intention to enter the marine carbon capture market
- The maritime sector accounts for 3% of all global greenhouse gas emissions
Carbon Clean, a global leader in point source carbon capture solutions and Samsung Engineering Co., Ltd. (SECL), one of the world’s leading engineering, procurement, construction, and project management (EPC&PM) companies have signed a Joint Development Agreement (JDA), to explore opportunities for Onboard Carbon Capture solutions (OCCS) projects.
Onboard carbon capture is expected to play a vital role in tackling emissions from shipping in the mid-term by enabling ships to capture the CO2 they emit while operating – plugging the gap while low-carbon fuels, such as green ammonia, methanol and hydrogen, and the associated onshore infrastructure, are developed and scaled up.
The JDA will focus on optimising Carbon Clean’s breakthrough modular carbon capture technology, CycloneCC, for use onboard ships. With equipment that is ten times smaller than a conventional carbon capture unit and a 50% smaller footprint, CycloneCC is well suited to the marine environment where space is extremely limited.
Hong Namkoong, President and CEO of Samsung Engineering said:
“Samsung Engineering’s expertise and experience in EPC, as well as our excellent track record in modularisation projects has led to this JDA for developing OCCS projects with Carbon Clean. This strategic alliance will create viable solutions for major global clients by combining the excellence of both companies and create a sustainable path for the future in this era of energy transition.”
Aniruddha Sharma, Chair and CEO of Carbon Clean added:
“Accounting for 3% of global CO2 emissions, decarbonising the shipping industry plays a significant role in the net zero puzzle. I look forward to our partnership with Samsung Engineering to offer carbon capture onboard ships. Carbon Clean’s breakthrough modular carbon capture technology, CycloneCC, is ideally suited for use on ships given its 10 times equipment size reduction and high performance. Carbon Clean is focused on delivering technology for all hard-to-abate industries, including the maritime industry, and I am looking forward to delivering real solutions to the shipping industry with Samsung Engineering as our strategic partners.”
There is growing pressure to decarbonise shipping, given the enhanced emissions targets set earlier this year by the International Maritime Organization (IMO). In the 80th Marine Environment Protection Committee (MEPC 80), the IMO has adopted a more aggressive GHG strategy, which includes a 20% reduction in emissions by 2030, a 70% reduction by 2040, and net-zero emissions by 2050. OCCS is a key solution to cut greenhouse gas emissions from ships by capturing carbon dioxide generated during vessel operations. Through this JDA, SECL and Carbon Clean will work together to expand their OCCS business.
SECL and Carbon Clean signed the JDA at an official signing ceremony on October 3rd at the 2023 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). The signing ceremony was attended by Hong Namkoong, President and CEO, Cheonhong Park, EVP Head of Sustainable Solution Business Division and Wonsik Cho, VP Sustainable Technology Business Team from Samsung Engineering and Aniruddha Sharma, Chair and CEO and Krishna Kumar Singhania, Chief Growth Officer from Carbon Clean.
For media enquiries please contact:
Tel: +44 7870 487 532
About Carbon Clean
Carbon Clean is a global leader in carbon capture solutions for hard-to-abate industries including cement, steel, refineries and energy from waste. The company’s patented technology significantly reduces the costs of carbon capture when compared to conventional solutions.
Carbon Clean has over a decade of experience in designing, building, and operating industrial carbon capture systems and it has 49 technology references around the world. The company is an innovation leader in the CCUS market, with over 85 active patent assets across 16 patent families covering over 30 countries, and has developed a fully modular technology, CycloneCC, that is vital for scaling industrial carbon capture deployment to achieve global net zero targets.
Headquartered in the UK and with offices in the US and India, the company has received funding and grant support from the British and US governments and has established partnerships with industry leaders including Chevron and CEMEX. It is also an investor in the Swedish eFuel company, Liquid Wind.
For further information: www.carbonclean.com
About WAVE Equity Partners
WAVE Equity Partners (WAVE) is an independent sustainability-focused American investment firm. We partner with early-growth companies whose proven clean technologies drive meaningful bottom-line impact and environmental benefits for large industrial manufacturers. Our industry knowledge and dedication to true partnership allow us to work effectively with leaders whose innovative solutions are commercially accepted, deliver immediate impact and are poised to scale. WAVE is currently investing out of its third institutional fund and has approximately $440 million under management (AUM) as of June 30, 2023.