Exxon Mobil Corp (XOM.N) said it will be using carbon capture technology from Honeywell International Inc. to capture emissions from a planned hydrogen production plant in Texas.
According to the details of the agreement, Honeywell’s technology will allow Exxon to capture some 7 million metric tons of CO2 every year.
The proposed hydrogen production facility is located in Baytown, Texas, is scheduled to become operational by 2028 and is part of Exxon’s strategy to monetize on aiding the decarbonization of other companies.
According to Honeywell, its technology has allowed to significantly lower the costs of capturing CO2 emissions, which once the facility is up and running, will be permanently stored away by Exxon.
Barry Glickman, a Honeywell vice president, commented on the agreement: “Our ready-now carbon capture technology works to decarbonize production processes and is effective because it can allow for significant emissions reduction that can play a major role in the energy transition.”