The financial boost for carbon capture technology continues throughout the week. Aqualung Carbon Capture AS (Aqualung) – a leader in membrane carbon dioxide (CO2) capture and separation technology, announces it closed a $10 million equity round with participation from key strategic partners – Standard Lithium, Global Ship Lease, Golar LNG, and MKS Pamp.
Joining the Aqualung Board of Directors will be representatives from Golar LNG and Standard Lithium. The round will help the company grow its team across Europe and the US, and deliver its first commercial pilot with Standard Lithium.
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It will continue to develop its innovative carbon capture technology and initiate commercialization projects with key industrial suppliers. On the radar is the target of providing large scale commercial units before 2025.
The unique membrane technology, currently more efficient than the standard membrane for CO2 capture, has achieved proof of concept at two cement installations, so now the company plans to industrialize it and deliver a containerized commercial unit.
“The successful equity raise establishes the key technology partnerships and the resources necessary to take our ground-breaking concept to the next level. This considerably strengthens Aqualung’s unique approach of developing a complete well-to-wake solution for industrial CO2 emitters,” said Henrik Utvik, President/ CTO of Aqualung.
Aqualung’s carbon capture membrane technology is developed after 20 years of research at the Norwegian University of Science and Technology (“NTNU”).
The efficiency of the membrane is achieved through the use of specialized coatings that according to the company, establish Aqualung as a market leader for carbon capture performance.
The system saves substantial energy costs compared to other membrane or absorbent-based systems as it requires zero absorbents or associated regeneration energy. It is effective at capturing carbon at small scale and at low CO2 concentration (<100,000 tons of CO2 per year).
It also can fit into existing plants where space is precious, and without major modifications to the exhaust structure or existing plant. The technology is patented and now Aqualung is commercializing it worldwide.
A major investor in the company, Standard Lithium announced in September 2021, it will work together with Aqualung on a carbon capture plant for a lithium project in Arkansas as it wants to develop a science-based strategy for sustainable development.
Standard Lithium also shares its excitement over driving CO2 utilization and sequestration projects together with Aqualung and bringing the tech to commercialization for minimizing all CO2 emissions.