TECO 2030 to cooperate with Chart Industries on developing marine carbon capture and storage solutions

ATLANTA and LYSAKER, Norway, June 14, 2021 (GLOBE NEWSWIRE) -- 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 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 AS.

The agreement between TECO 2030 and Chart covers a period of three years and involves the joint development of onboard carbon capture solutions for ships using the Cryogenic Carbon Capture (CCC) technology developed by SES, which was acquired by Chart in December 2020.

This innovative technology, which utilizes Chart’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.