Aqualung Carbon Capture, a manufacturer of in membrane CO2 capture and separation technology, has completed a new equity investment from key strategic partners including Global Ship Lease, Golar LNG, MKS Pamp and Standard Lithium.
Representatives from Golar LNG and Standard Lithium are also set to join the Aqualung Board of Directors.
The Aqualung carbon capture process facilitates a natural reaction between exhaust gas components which prevents CO2 from entering the atmosphere and is the culmination of 20 years of research from Norwegian University of Science and Technology (NTNU). Aqualung claims a more efficient membrane compared to the current standard achieved through the use of specialised coatings. Having no toxic additives or absorbents lowers operating risks and maintenance costs. It also avoids the logistics and costs of sourcing highly specialised absorbents. The system has as little as 5% of the footprint of an absorption column.
Aqualung will use the funds to grow its team across Europe and the US, deliver its first commercial pilot with Standard Lithium and initiate commercialisation projects with key industrial suppliers in order to achieve its objective of providing large scale commercial units before 2025.
The technology has achieved proof of concept at two cement installations and is embarking on the next step to industrialise its coating process and deliver a containerized commercial unit.
The pilot will demonstrate the efficacy of the technology on low CO2 concentration levels and set the scene for optimising the solution for higher CO2 concentration markets including cement, steel, waste management, refining & petrochemicals sectors. The cost, weight, low complexity, and small footprint advantage has also garnered strong interest from the LNG / maritime sector as confirmed by the company’s strategic investors.
In addition to the test installationat a natural gas processing site in southern Arkansas owned and operated by Mission Creek Resources,Aqualung is also conducting testson a test rig on a 250kW diesel engine, with the objective of obtaining approvals from Classification Societies for an onboard installation.
Golar and Aqualung share a strong foundation of technical expertise and support from NTNU, and together are ready to play a decisive role in decarbonising the LNG supply chain.
Henrik Utvik, President / CTO of Aqualung, said: “The successful equity raise establishes the key technology partnerships and the resources necessary to take our ground-breaking concept to the next level. This considerably strengthens Aqualung’s unique approach of developing a complete well-to-wake solution for industrial CO2 emitters.”
