This is another partnership in the industry for Denbury, which is the world’s largest CO2 pipeline operator. Denbury will also make an equity investment in Aqualung.
Matt Dahan, Senior Vice President of CCUS Technology for Denbury stated, “Our investment in Aqualung not only provides additional insight into the capture component of a CCUS project, but also will bring additional transport and sequestration opportunities to our company.”
Aqualung’s CO2 capture technology has been proven to significantly reduce capture costs using its proprietary membrane technology. It has been tester in both low and high CO2 concentration industrial installations. The addressable market of CO2 emitters will initially be those with emissions under 1 million tons of CO2 per year, which at the time of writing represents 90% of sources.
Andrew Robbins, CEO of Aqualung, commented on the partnership by saying, “Aqualung’s low-cost capture solution alongside Denbury’s integrated pipeline and storage network will accelerate the decarbonization efforts of our customers across the US. To put the scale into perspective, there are over 14 million metric tons per year of CO2 within 1 mile and 240 million metric tons per year of CO2 within 30 miles from Denbury’s pipelines.”
The agreement with Denbury will provide Aqualung with additional insight and access into the transportation and sequestration side of the sector, while Denbury will gain valuable insight into the cost of the technology focused only on the capture side.
The two companies are set to work together to provide emitters with a complete solution ranging from the capture at the source of emissions to sequestration. Denbury’s equity investment will speed up the deployment of Aqualung’s strategy in the United States, with the goal of commencing commercial delivery of CO2 through Denbury’s pipeline infrastructure in 2024.