bp and CarbonFree announce an agreement to collaborate on the development of carbon capture and utilization projects using CarbonFree’s SkyCycle technology. bp ventures has been an investor in CarbonFree for nearly 10 years. CarbonFree’s SkyCycle captures and utilizes carbon emissions from hard-to-abate industrial sources by converting CO2 into specialty chemicals, including calcium carbonate. Calcium carbonate comprises more than 4% of the earth’s crust and is found throughout the world as chalk, limestone and marble.
CarbonFree has been developing and refining the technology for more than 15 years and the company’s ambition is to capture 10% of the world’s industrial carbon, thereby helping industries and companies reach their net zero goals.bp and CarbonFree will work to identify and pursue potential SkyCycleTM development projects at industrial facilities.
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“We are working with bp to accelerate the introduction of SkyCycleTM to the market,” said CarbonFree CEO Martin Keighley. “As a valued supporter for nearly a decade, bp understands our technology and the potential impact it can have on helping decarbonize hard-to-abate industrial sites. SkyCycle is an innovative solution in this space, with already-proven technology and a compelling business proposition for customers.”
“CarbonFree has been a bp ventures portfolio company for nearly 10 years and during this period we have worked together to help make carbon capture a commercial reality for industrial companies looking to decarbonize. As bp looks to become a net zero company by 2050 or sooner, and help the world get to net zero, CarbonFree’s SkyCycle technology can play a role in helping heavy industry make progress toward their net zero goals. This agreement is an important milestone in our relationship with CarbonFree and we look forward to our ongoing collaboration,” said Orlando Alvarez, SVP, gas and power trading Americas at bp.
SkyCycle is a modular, scalable and patented technology designed to directly capture CO2 emissions from a wide variety of hard-to-abate industrial emitters. The technology produces precipitated calcium carbonate (PCC). PCC is a high-value product used for a variety of industrial purposes, including in the manufacturing of paper, plastics, ceramics, paints, coating, adhesives, sealants, rubber and cleaning products.
SOURCE: Businesswire