Captura has made its first large-scale sale of carbon removal credits generated through direct ocean capture (DOC) to shipping company Mitsui O.S.K. Lines (MOL).
As part of its net-zero by 2050 strategy, MOL has purchased 30,000 carbon removal credits to be delivered before the end of 2030 from one of Captura’s first commercial DOC facilities.
Additionally, the two companies signed a memorandum of understanding (MOU), launching a strategic partnership for deploying commercial DOC plants.
The partnership will leverage Captura’s business model of licensing technology to deployment partners who then build, own, and operate large-scale DOC facilities on a global level.
This advanced collaboration between Captura and MOL is further solidified through an investment made by MOL’s corporate venture capital firm, which has provided financial backing for Captura as part of a mission to support innovations that decarbonize the energy sector.
For Captura, this multilayered partnership follows the successful start of operations at its DOC facility in Hawaii, a site that serves to demonstrate the company’s modular technology and its viability for large-scale deployment.
The Hawaii DOC facility currently operates with an annual CO2 capture capacity of 1000 tons and builds on the experience gained from Captura’s previous two DOC pilots launched in California.
Captura CEO Steve Oldham explained, “With the successful operations of our 1000-ton pilot, we have validated the readiness of our technology for large-scale deployment and are now actively securing offtake agreements for commercial facilities.”
Relevant: Captura Launches Operations At New DOC Pilot Plant In Hawaii
According to him, the partnership with MOL is a major milestone for bringing Captura’s technology to market.
He stated, “We are excited to collaborate with MOL as we rapidly advance towards commercial deployment and expand access to high-quality carbon removal solutions.”
Captura’s novel technology uses electrochemistry and the ocean’s natural ability to remove CO2 to deliver a highly scalable and efficient DOC solution.
As this technology has already been demonstrated in the company’s three operational pilot plants, Captura is now working on its first commercial facility, expected to capture 30,000-50,000 tons of CO2 annually.
Read more: Captura Boosts Commercialization Plans With New RD&D Capacity In Hawaii And LA
