Aker has decided to build what is likely to become the world's first and largest CO2 capture facility of its kind. The planned budget framework for the new CO2 capture plant is NOK 875 million; the facility will be in operation as early as 2009, removing carbon dioxide from exhaust emissions.
In recent years, Aker has worked intensively on developing new CO2 capture technology. The primary purpose of the new facility is not primarily further technology development; the objective is the development of construction methods and effective execution models that make carbon sequestration so inexpensive that it becomes cheaper to clean emissions than to pollute.
"We have come a long way. To advance further, we must prove that we are able to package technology in commercially attractive solutions. Through our company Aker Clean Carbon, we are helping to move carbon capture from a research and development phase into commercialization and sales," says Leif-Arne Langøy, Aker ASA Chairman and CEO.
Industrial facilities and power generation plants that obtain energy by burning fossil fuels such as oil, natural gas, or coal release huge volumes of carbon dioxide. On a global basis, the 4,000 largest plants in operation today are estimated to generate some 40 percent of CO2 releases to the atmosphere. In addition and on average, a new coal-fired power plant is completed each week in China.
"These plants worldwide constitute our future market. In just a few decades, building carbon capture facilities can become an industry similar to the building of oil platforms today. Our goal is to put Aker Clean Carbon at the forefront as this environmental industry matures," says Mr. Langøy.
Leif-Arne Langøy continues: "Aker finds it interesting to invest significant funds in such a project because both the market and potential for future value creation are great. In short, we see opportunities to make money by helping to solve the current climate crisis. Aker has the capacity and a willingness to take a long-term perspective in this matter."
For further information, please contact
Geir Arne Drangeid, Group EVP, Aker ASA, tel: +47 24 13 00 65
Geir Arne Drangeid, Group EVP, Aker ASA, tel: +47 24 13 00 65
Aker Clean Carbon's plans will be presented at Felix Conference Center at Oslo's Aker Brygge on Thursday, 24 January at 11:00. All are welcome. No advance registration is required.
Further information about Aker Clean Carbon is available at: www.akercleancarbon.com when the presentation starts.
Further information about the research project into more effective amine solutions is available here: http://www.sintef.no/content/page1____17173.aspx