big deal

Houston carbon capture company signs MOU with PETRONAS

PETRONAS will use Carbon Clean's scalable CCS technology as a part of the agreement. Photo via carbonclean.com

Carbon Clean announced a new partnership with PETRONAS CCS Solution, a subsidiary of PETRONAS, to collaborate and evaluate Carbon Clean’s carbon capture and storage technology.

The two companies will assess carbon capture technology by aiming to “identify synergies and explore future collaboration opportunities,” according to a news release.The primary focus of the MOU is Carbon Clean's CycloneCC tech, which can reduce the installed cost of carbon capture by up to 50 percent. Both companies will collaborate to develop how the modular technology can be used for post-combustion CO2 capture.

“PETRONAS has a pioneering approach to decarbonization, viewing carbon capture as a lever to transform its business,” Aniruddha Sharma, chair and CEO of Carbon Clean, says in the release. “It is turning the low-carbon energy transition into an opportunity to drive green growth. Carbon Clean is proud to support PETRONAS in achieving its net zero targets by providing a cost-effective approach to carbon capture.”

The modular design assists with easily installation and makes it more efficient to integrate with operations that are already up and running. The physical footprint of CycloneCC occupies up to 50 percent less space than conventional carbon capture solutions. The equipment itself is 10 times smaller and includes rotating packed bed (RPB) technology that uses centrifugal force to make carbon capture process run more efficiently.

“CycloneCC’s modular design enables companies to stagger their investment, adding units in line with their decarbonization goals,” Sharma said in a news release. “We are making carbon capture logistically viable and easy to scale.”

Carbon Clean also has partnered with AGRA Industries, as the biofuel industry could use Carbon Clean’s CaptureX technology. The United Kingdom-based company operates its U.S. headquarters in the Ion.

Carbon Clean’s other customers include companies in the cement, steel, refinery, and energy-to-waste sectors. Among the investors in Carbon Clean are Chevron, Samsung Ventures, Saudi Aramco Energy Ventures, and WAVE Equity Partners. Since it's founding in 2019, the company has raised $260 million in funding, according to data platform Tracxn.

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A View From HETI

The DOE funding will go toward the creation of a new Texas-based revolving loan fund that operationally matches the existing Texas LoanSTAR revolving loan program. Photo via Getty Images

Texas is among one of 17 states and territories to receive a portion of $66 million in awards for initiatives that pump federal dollars into their communities to support energy efficient projects.

The funds come from the U.S. Department of Energy's Energy Efficiency Revolving Loan Fund (RLF) Capitalization Grant Program. The RLF Program awards are intended to be put toward state-based loans and grants that go towards local businesses homeowners, and public spaces for "for energy efficiency audits, upgrades, and retrofits to increase energy efficiency," according to the DOE.

Texas received the largest portion thus far at $22.4 million. The dollars will go toward the creation of a new Texas-based revolving loan fund that operationally matches the existing Texas LoanSTAR revolving loan program.

The program currently finances energy-related, cost-reduced retrofits of public spaces as well as local municipalities. As of last year it had awarded more than 337 loans totaling more than $600 million, according to the Texas Comptroller's website.

In addition to the revolving loan, the state plans to use the DOE funds to provide free energy audit services to the community.

The DOE also awarded funding to create similar revolving loan programs and grants in Arizona, Georgia, Iowa, Puerto Rico and the U.S. Virgin Islands.

According to the DOE, every federal dollar invested into a state or local revolving loan fund can bring more than of $20 in private capital toward successful energy financing programs.

“Increased opportunities for low-cost financing will help states and territories expand access to the money-saving clean energy tools that will benefit the residential, commercial and public sectors,” Jennifer M. Granholm, U.S. Secretary of Energy, said in a statement. “We are excited to see states and territories take advantage of targeted and impactful financing options to transform their communities.”

The latest funding is the third award made by the RLF Program, which plans to make another round of awards later this year and a total $242 million once wrapped.

Other awards in this latest round include:

  • Arizona ($1,690,280)
  • Colorado ($1,631,220)
  • Delaware ($746,400)
  • Georgia ($2,453,810)
  • Iowa($7,068,920)
  • Kansas ($6,706,230)
  • Maine ($863,110)
  • Massachusetts ($1,894,760)
  • Minnesota ($1,884,300).
  • Nevada ($1,043,290)
  • New Jersey ($2,383,510)
  • New Mexico ($5,692,530)
  • Oklahoma ($7,592,300)
  • Puerto Rico ($1,070,490)
  • Rhode Island ($762,790)
  • U.S. Virgin Islands ($576,170)

Click here and here to read more about the previous awards.

Earlier this summer the DOE also awarded four Houston companies have received $50,000 each from the U.S. Department of Energy to further develop their carbon dioxide removal technology. Click here to read more.

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