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(Lysaker, Norway and Atlanta, GA, June 14, 2021) TECO 2030 ASA (OSE: TECO) has
signed a Memorandum of Understanding with Chart Industries, Inc. (“Chart”)
(NYSE: GTLS) to jointly develop technological solutions that will capture carbon
dioxide (CO2) emitted by ships and subsequently store it in liquid form.
“When the new CO2 capture integration that we are collaborating with Chart
Industries, Inc. and Sustainable Energy Solutions (SES) on is ready, it will
enable ships to capture and store the CO2 that they would otherwise have emitted
into the air, and which would thereby have contributed to climate change,” says
Stian Aakre, CEO of TECO 2030 AS.
The agreement between the Norwegian company TECO 2030 and the American
manufacturer Chart Industries, Inc. involves the joint development of onboard
carbon capture solutions for ships using the Cryogenic Carbon CaptureTM (CCC)
technology developed by SES, which was acquired by Chart Industries, Inc. in
December 2020.
This innovative technology, which utilizes Chart Industries, Inc.‘s expertise in
cryogenic equipment and systems along with SES’s patented and proven technology,
will separate the CO2 from the ships’ exhaust gases, resulting in a high purity
liquid CO2 product. The liquid CO2 is then stored onboard in cryogenic storage
tanks until the ship reaches port.
When it has been offloaded from the ship, the CO2 can then either be permanently
stored in geological formations underground or be put to beneficial use in CO2
-consuming industries, such as the agricultural, industrial, energy, or food and
beverage sectors.
Will help ships comply with environmental legislation
When fully developed, the carbon capture solution will become available as a key
element in the TECO 2030 Future Funnel, an exhaust gas cleaning system for ships
developed by TECO 2030.
“At TECO 2030, our ambition is to help ships become more environmentally
friendly as well as enable them to comply with emerging climate legislation,”
says Aakre. “We believe carbon capture for ships will become one of several
measures needed for the shipping industry to reach global decarbonisation
goals.”
Carbon capture and storage (CCS) is the process of capturing emitted CO2 and
transporting it to a storage site to prevent it from entering the atmosphere as
a greenhouse gas. One of the challenges with carbon capture onboard ships is
that the storing of CO2 is space consuming, and that space onboard ships is
rather limited. Each tonne of fossil fuel consumed by ships leads to
approximately three tonnes of CO2 emissions.
“We are excited to bring our carbon capture process expertise to the maritime
industry with a partner like TECO 2030 that is dedicated to solving the
emissions challenges facing ship-owners today,” says Jill Evanko, CEO and
President of Chart Industries, Inc. “The solutions that are developed will help
enable the shipping industry to reach the greenhouse gas emissions goals for
2030 and 2050 set forth by the International Maritime Organization.”
Green transition within the shipping industry
The International Maritime Organization (IMO) aims to reduce carbon intensity in
international shipping by 40% by 2030, and to cut the total annual greenhouse
gas emissions from international shipping by at least 50% by 2050 compared to
2008.
Ship-owners across the world will therefore have to do something to make their
vessels more climate-friendly, and TECO 2030 will help them with that.
In addition to exhaust gas cleaning systems for ships, TECO 2030 is also
developing hydrogen fuel cells for the maritime industry. These will enable
ships to switch from fossil fuels to green hydrogen - which is hydrogen produced
by renewable energy - and thereby become completely emissions-free.
About Chart Industries, Inc.
Chart Industries, Inc. is a leading independent global manufacturer of highly
engineered equipment servicing multiple applications in the energy and
industrial gas markets. The company’s unique product portfolio is used in every
phase of the liquid gas supply chain, including upfront engineering, service and
repair. Being at the forefront of the clean energy transition, Chart Industries.
Inc. is a leading provider of technology, equipment and services related to
liquefied natural gas, hydrogen, biogas and CO2 capture amongst other
applications. Chart Industries, Inc. is committed to excellence in
environmental, social and corporate governance (ESG) issues both for its company
as well as its customers. With over 25 global locations from the United States
to Asia, Australia, India, Europe and South America, the company maintains
accountability and transparency to its team members, suppliers, customers and
communities. To learn more, visit www.chartindustries.com -
http://www.chartindustries.com.
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
CONTACTS
- Stian Aakre, CEO, +4790708440, stian.aakre@teco2030.no
ABOUT TECO 2030 ASA
TECO 2030 (OSE: TECO) tackles one of the biggest environmental challenges of our
time: How can we combine continued economic growth with reduced emissions? By
developing hydrogen fuel cells, TECO 2030 enables ships and other heavy-duty
applications to become emissions-free. The company also delivers other solutions
to help the maritime industry reduce its environmental footprints, such as
exhaust gas cleaning and carbon capture systems for ships.
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/641/854/Download%20announcement%2
0as%20PDF.pdf
20210614 TECO 2030 to cooperate with Chart Industries on developing marine
carbon capture and storage solutions.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/641/853/20210614%20TECO%202030%20
to%20cooperate%20with%20Chart%20Industries%20on%20developing%20marine%20carbon%2
0capture%20and%20storage%20solutions.pdf
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