Chart Industries (NYSE: GTLS) has signed a memorandum of understanding (MOU) with expert in reducing CO2 emissions Ionada to collaborate on multiple carbon capture and sequestration (CCUS) projects that will help decarbonize the shipping industry.
Chart is a US-based manufacturer of engineered equipment designed for the clean energy industry and one of the global leaders in servicing the liquid gas supply chain. But also, Chart Industries has invaluable experience in storing CO2.
In fact, the company has a unique position to supply CO2 storage solutions thanks to its many cryogenic storage tank manufacturing sites located all around the world.
That is why the company has chosen to team up with Ioanda – a Canadian developer and manufacturer of exhaust gas cleaning systems that are predominantly used in the power generation and marine industries to reduce their carbon footprint by capturing emissions.
Under this new agreement, both sides will develop and set into operation technology that will help decarbonize the shipping industry. The input of the two companies is divided as follows:
Ioanada’s technology will be used to collect CO2 emissions, whereas Cart’s ISO containers will be used to store the collected carbon. Alternatively, as needed, Chart may provide its engineered built-for-purpose type C tanks for storage.
The captured CO2 emissions are to be transported and unloaded at different ports, upon which the carbon may be utilized in carbon-consuming sectors or stored permanently below the surface in geological formations.
Chart CEO Jill Evanko is confident that the joint efforts of the two companies and the solutions they develop together will have great benefits for the shipping sector and will help meet greenhouse gas emission targets set by the International Maritime Organization (IMO).
Namely, the IMO’s target is to cut down carbon dioxide emissions from the international shipping industry by 40% by 2030. And the total greenhouse gas emitted from the sector is set to be cut down at least by half by 2050.